PMC Bank case: Top court agrees to urgent hearing of PIL

The Supreme Court on Wednesday agreed to an urgent hearing of on the public interest litigation filed in regards to the Punjab and Maharashtra Cooperative Bank (PMC) case. The next hearing of the case is scheduled for October 18.

The matter was heard by the bench headed by Justice N V Ramana.

The petition filed by as Bijon Mishra, which has sought the full protection of over 15 lakh victims and 100 percent insurance cover for PMC depositors.

The plea comes in the wake of the death of three depositors of PMC bank. Sanjay Gulati and Fattomal Punjabi suffered a heart attack, while 39-year-old Dr Nivedita Bijlani committed suicide.

Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.