Left Menu
Development News Edition

Appreciate difficulties of PMC bank depositors on moratorium on withdrawals, HC to Centre, RBI

PTI | New Delhi | Updated: 29-05-2020 19:14 IST | Created: 29-05-2020 19:14 IST
Appreciate difficulties of PMC bank depositors on moratorium on withdrawals, HC to Centre, RBI

The Delhi High Court has asked the Centre and Reserve Bank of India (RBI) to appreciate the difficulties faced by depositors of scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd with regard to moratorium on withdrawals during COVID-19 pandemic. A bench of Chief Justice D N Patel and Justice Prateek Jalan said upon receipt of any representation from any individual or group of depositors in this regard, "a decision shall be taken by the concerned respondent authority within a period of four weeks". Consumer rights activist, Bejon Kumar Misra, had filed the petition seeking directions to RBI to ease out the moratorium for withdrawal of deposited money of depositors from PMC Bank during the coronavirus pandemic.

The PMC Bank has been put under restrictions by the RBI, following the unearthing of a Rs 4,355-crore scam.   Misra, in his plea filed through advocate Shashank Deo Sudhi, had also sought a direction for permitting immediate withdrawal of at least the insured amount of Rs five lakhs "to cater to the medical and other urgent needs of depositors of PMC Bank during such health crisis". After hearing all sides in the matter, the bench said,"We direct the concerned respondents to appreciate the difficulties raised by the applicant/petitioner with respect to moratorium on withdrawal and decide the same in accordance with law, rules, regulations and government policy applicable to the facts of the case." The application was filed in Misra main's petition seeking removal of restrictions on cash withdrawals from PMC Bank.

The main petition was to be heard on April 21, but due to the lockdown and limited functioning of the high court has been adjourned to June..


TRENDING

OPINION / BLOG / INTERVIEW

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

COVID-19: Weighing up the benefits and limitations of edtech platforms

Edtech companies shouldnt focus on merely pushing contents, but to provide an interactive, effective teaching and learning environment. ...

Videos

Latest News

MP teacher held for sending obscene messages to teen student

A 27-year old teacher of aprivate school was arrested on Sunday in Umaria in MadhyaPradesh for allegedly sending obscene messages to a teenstudent since over a year, police saidAmit Vishwakarma was arrested after the parents of the17-year-o...

Spain imposes second local coronavirus lockdown in two days

The northwestern Spanish region of Galicia imposed restrictions on about 70,000 people on Sunday following a COVID-19 outbreak, a day after Catalonia also introduced a local lockdown to curb the spread of the coronavirus.People living in A ...

Croatia parliamentary race close as virus spikes

Amid a spike of new coronavirus cases, voters in Croatia cast ballots on Sunday in what is expected be a close parliamentary race that could push the latest European Union member state further to the right. The ballot is expected to produce...

Death toll rises to 6 in Turkey fireworks factory explosion

The death toll from a massive explosion in a fireworks factory in Turkey has increased to six. The governor of Sakarya in northwest Turkey announced two new deaths and said rescue teams were still searching for one more person after Fridays...

Give Feedback