: Friday, May 14, 2021, 2:26 PM IST
Depositors are already allowed to withdraw up to Rs 5 lakhs for treatment, says RBI in PMC Bank matter
Depositors are already allowed to withdraw up to Rs 5 lakhs for treatment, says RBI in PMC Bank matter
Photo: ANI
The Reserve Bank of India (RBI) in a response filed in Delhi High Court stated that depositors Punjab Maharashtra Cooperative (PMC) Bank are already allowed to withdraw up to Rs 5 lakhs on hardship grounds for treatment of terminal illnesses, including treatment of COVID-19. It is the duty of Punjab Maharashtra Cooperative (PMC) to pay hardship amount to the eligible depositors as per directions of RBI and subject to availability of liquidity with that bank. To expedite the process, the authority for approving the payment under hardship grounds has also been delegated to the PMC Bank, states RBI reply in Delhi High Court.
›Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam case
Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam case
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Bombay HC grants bail to three former directors of PMC Bank in Rs 4,300 cr scam caseBy
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Synopsis
On Wednesday, Justice Prakash D Naik, while granting bail to Nandrajog, Bavisi and Bane in an oral order directed them to submit their passport to the court. However, the bail plea, filed by Dr Vishwanath Sridhar Prabhu, valuer for the bank, was rejected.
In September 2019, the Reserve Bank of India (RBI) had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam.
PMC Bank scam: Bombay High Court grants bail to 3 former directors
While granting the bail to the directors Mukti Bavisi, Trupti Suhas Bane and Ranjeet Tara Singh Nandrajog, the court asked them to submit their passports to it.
BusinessToday.In | May 5, 2021 | Updated 21:05 IST
In September 2019, the RBI had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam.
The Bombay High Court on Wednesday granted bail to three former directors of Punjab and Maharashtra Cooperative (PMC) Bank who were arrested in December 2019 in connection with an alleged scam of over Rs 4,300 crore at the bank.
Distraught depositors want PMC Bank revived soon
May 02, 2021
In desperate need of money to ride out Covid wave two
Distraught depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank want the Reserve Bank of India (RBI) to speed up revival/reconstruction of the bank as they are in dire need of money to meet exigencies arising from the second wave of the Covid-19 pandemic.
Some of the depositors, especially the elderly, are barely able to get by despite having lakhs and crores of rupees locked up in the bank, as the RBI clamped down on deposit withdrawal since September 24, 2019, capping it at ₹1 lakh per depositor for the entire period that the bank is under Directions.