PIL at HC seeks to lift the cash withdrawal restriction of the PMC bank
NEW DELHI: The Delhi High Court on Friday requested the response of the Center, the AAP government and the Reserve Bank of India (RBI) in a PIL that seeks to eliminate restrictions on cash withdrawals from the Punjab and Maharashtra (PMC) cooperative hit by Bank Ltd. scam
A bank of the President of the Supreme Court DN Patel and Judge C Hari Shankar issued a notice to the Ministry of Finance, the government of Delhi, RBI and the PMC bank ordering them to indicate their position in the guilty plea that has requested insurance coverage of 100 percent of the money of the clients deposited in the Bank.
The Central Bank has been placed under restrictions by the RBI after the landing of a crore scam of 4,355 rupees.
Deposit withdrawals have been limited to Rs 40,000 over a period of six months, causing panic and distress among depositors.