Bombay HC asks RBI to file affidavit on plea challenging withdrawal limit imposed on PMC depositors

The Bombay High Court on Monday directed the Reserve Bank of India (RBI) to file an affidavit on a petition filed by the depositors of the PMC Bank challenging the limit imposed by it on the withdrawal of money.

Speaking to the media persons here, Pradnya Talekar, who is representing the petitioners in the case, said: "The petition was filed by three depositors of the PMC Bank challenging the directive of the RBI wherein limits were pressed on the withdrawal limits. They are not being allowed to access their own bank account due to the directives of the RBI."

The RBI had in September capped the deposit withdrawal at Rs 10,000 per account but later raised it to Rs 40,000.

She said that the directives have come in the "face of the fraud committed by the PMC bank officials" due to which the depositors are being stopped "in the garb of the public interest".

"An eye of neglect was given to it by the RBI and the state government officials," the counsel stated.

The petitions will be taken up by the High Court on November 19.