SC to hear plea on PMC Bank deposits

New Delhi/Mumbai: As crisis-hit PMC bank depositors intensified their protests, the Supreme Court has agreed to hear on Friday an urgent plea seeking directions for interim measures to safeguard the money of customers blocked in the bank.
The plea on Wednesday for the apex court to step in amid 3 deaths linked to the crisis in the Punjab & Maharashtra Co-operative(PMC) Bank came even as the bank’s administrator met the RBI’s top brass including Governor Shaktikanta Das and assured depositors that all efforts will be made to safeguard their interests.
RBI has imposed restrictions on the bank following the discovery of a Rs 4,355-crore scam. The limit on deposit withdrawals that has now been capped at Rs 40,000 over a six-month period has caused panic and distress among the depositors.
A Mumbai court, meanwhile, remanded two top HDIL officials and the PMC Bank’s former chairman in judicial custody till October 23 in connection with the scam.
There were also protests by the depositors outside the RBI office in Delhi. In a related development, the Economic Offences Wing (EOW) of the Mumbai Police called Surjit Singh Arora, one of the former directors of the PMC bank, for questioning. (PTI)

Get real time updates directly on you device, subscribe now.

Comments are closed.