PMC Bank Scam: Supreme Court Refuses to Hear Plea

Setback to PMC bank account holders as Supreme court refuses to hear plea to overrule withdrawal limit imposed on their account. An issue addressing the Rs. 4355-crore PMC bank scam hit thousands of innocent account holders.

PMC Bank Supreme Court PIL

A petition seeking lifting withdrawal limit 100% and insurance protection was been filed by Bejon Misra. In addition to that, a request to increase the insurance cover has been added to the petition. The extremities of the burden faced by the customers forced the Supreme Court to hear the plea on Thursday, October 23.

Supreme Court Bench that heard Public Interest Litigation (PIL) in this matter included Justice Ranjan Gogoi, Justice Bobde and Justice Abdul Nazeer. They directed the petitioners to approach high court.

PMC Bank Crisis Leads to Lost lives of 3 Account Holders

The restriction has deprived the customers of their basic rights. Further, has led to the death of at least three PMC account holders. Two of the deceased, Sanjay Gulati and Fattomal Punjabi were experiencing trauma following protesting at the bank and died of heart attack. While, Dr. Nivedita Bijlani, who had over one crore deposits with PMC Bank committed suicide by gulping sleeping pills.

A revolt against the PMC Bank crises

The chaos has led the troubled costumers to gather outside the Mumbai court as a sign of protest against the executives of the Bank. The outcome of which was judicial custody allotment to the former chairman, Waryam Singh, and Housing development and Infrastructure Limited (HDIL) directors Rakesh and Sarang Wadhawan.

Withdrawal Limit Issue

Punjab and Maharashtra Cooperative bank (PCB) have been put under constraint by Reserve Bank of India (RBI). As a result, RBI placed withdrawal limit of Rs 1000 and further increased it to Rs 25,000. Hence, creating a sense of hysteria and raises concern amid the depositors. After continuous protests and news of deaths of account holders, RBI revised the withdrawal limit to Rs 40,000.

Maharashtra Chief Minister Devendra Fadnavis has assured customers he would assist in this situation of jeopardy. He promised he would personally request the centre to help depositors get their money back.

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