Joining the ranks of thousands reeling under the RBI clampdown on Punjab and Maharashtra Cooperative Bank is an education trust that runs 37 city schools. The Guru Nanak Vidyak Society (GNVS), which manages several educational institutions and also the Guru Nanak Hospital in Bandra East, had Rs 18 crore of its funds stuck in PMC Bank.

Now, the trust is finding it an uphill task to clear upcoming property tax, GST returns, water and electricity bills, and is worried about the plight of 20,000 students and hundreds of employees, who are yet to be paid their September salaries. GNVS trustee Rajasingh Johar said the trust had Rs 10 crore in FDs in PMC Bank, and another Rs 8 crore for expenses of the institutions, while the hospital had Rs 27 lakh, including Rs 15 lakh in FDs.