Plea to release Rs 5L to PMC bank depositors; HC seeks Centre, RBI stand

PMC Bank has been put under restrictions by the RBI, following the unearthing of a Rs 4,355-crore scam

The Delhi High Court on Tuesday asked the Centre and the RBI to respond to a plea seeking release of up to Rs 5 lakh to depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd to help them address health issues during the prevalent Covid-19 pandemic.

A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Finance Ministry, Reserve Bank of India and PMC Bank seeking their stand on the application moved by consumer rights activist Bejon Kumar Misra.

The court asked them to file replies before the next date of hearing on August