Delhi HC notice to RBI, centre over PIL on PMC withdrawal limit

Mangalore Today News Network

Delhi, Nov 02, 2019 : The Delhi High Court on Friday, 31 October, sought response of the Centre, AAP government and the RBI on a PIL seeking removal of restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, Yahoo reported.

 

A bench of Chief Justice DN Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100 percent insurance cover for customers’ money deposited in the bank.

The HC acted upon a PIL filed by consumer activist Bejon Misra, who had in October, filed a plea seeking quashing of the RBI notification imposing a limit on cash withdrawal by the customers.

The apex court however, declined to entertain the petition and asked Misra to go before the concerned high court.

PNC Bank has been put under restrictions by the Reserve Bank of India (RBI) following the unearthing of a Rs 4,355 crore scam.

Deposit withdrawals have been capped at Rs 40,000 over a six-month period, causing panic and distress among depositors.