The Delhi High Court has dismissed the plea of depositors of PMC Bank challenging the restrictions imposed by the Reserve Bank of India (RBI) on withdrawal of money from their bank accounts. Justice Prateek Jalan, in his order dated November 30, said that ‘in spite of sympathy with the petitioners’, he is unable to grant them relief and therefore the petition is dismissed without cost.
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The court noted that PMC Bank was restrained for the first time in 2019 from releasing an amount exceeding Rs 1,000 from the total balance in each savings account or current account or deposit account. Later this amount was increased to Rs 40,000 considering the financial condition of the bank. The bank said that due to the fraud committed by some persons, its condition has worsened. According to PMC Bank, the last circular that has been challenged allows withdrawal of Rs 50,000.
The petitioners collectively had deposited fixed deposits of over Rs 90 lakh in Punjab and Maharashtra Cooperative Bank or PMC Bank.
In this case, the petitioners said that the action of the Reserve Bank (RBI) is arbitrary and due to this innocent depositors including senior citizens have been deprived of withdrawing their own money. However, the court dismissed the petition expressing its inability to provide relief to them.
(This news has not been edited by NewsBust India team. It is published directly from syndicate feed.)
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