SC to hear petition on PMC deposits

New Delhi/Mumbai, October 16

As crisis-hit PMC bank depositors intensified their protests, the Supreme Court has agreed to hear on Friday an urgent plea seeking directions for interim measures to safeguard the money of customers blocked in the bank.

The plea on Wednesday for the apex court to step in amid three deaths linked to the crisis in the Punjab & Maharashtra Co-operative (PMC) Bank came even as the bank’s administrator met the RBI’s top brass, including Governor Shaktikanta Das and assured depositors that all efforts will be made to safeguard their interests.

The RBI has imposed restrictions on the bank following the discovery of Rs 4,355-crore scam. The limit on deposit withdrawals that has now been capped at Rs 40,000 over a six-month period has caused panic and distress among the depositors. — PTI