It might just be a good Diwali for staff of the crisis-hit PMC Bank. The 1,800-odd employees have been assured that they will receive their salaries for September by early next week. The decision was taken following a meeting between the employees union and an RBI arbitrator, two days ago.

A majority of the employees have availed personal, housing and vehicle loans from the PMC bank itself, and were worried about defaulting on their EMI, due to uncertainty over the fate of the bank, post RBI restrictions. "We were taken aback with the sudden turn of events. It was a regular working day and suddenly, we learnt that the RBI had slapped a notice [under Sections 35 (A) and 56 of Banking Regulation Act, 1949]. We have been as anxious as are our customers, but are reporting to work daily," said a staffer, who did not wish to be identified.