PMC Bank crisis: PIL in Bombay HC opposes RBI curbs

a plea has been filed in Bombay High Court challenging the restrictions imposed by the Reserve Bank of India on PMC bank

SHARE

The Punjab and Maharashtra Co-operative (PMC) Bank is under the scanner of RBI for irregularities. Today, (September 20) a plea has been filed in Bombay High Court challenging the restrictions imposed by the Reserve Bank of India on the bank.

The public interest litigation (PIL) was filed by an NGO Consumer Action Network and eight persons, who claimed to be depositors and account holders in the PMC Bank.

The crisis in PMC bank was first exposed on September 23, when RBI directed it to shut down its operations. In addition, a withdrawal limit of ₹1000 per customer which has been imposed. This was later increased to Rs 10,000 per account holder for a period of six months. However, most people who went to ATMs to withdraw complained that there was no money being dispensed.

People have been protesting in front of the bank and they have even threatened to go on a hunger strike to oppose these restrictions.

RELATED TOPICS
Latest News