PMC Bank depositors can withdraw up to Rs 5 Lakhs

Yesterday, the Delhi High Court issued a notice in respond to an application made to seek allowance for the deposit holder of Punjab and Maharashtra Co-operation Bank (PMC) to for a withdraw limit of Rs 5 lakhs during the pandemic of COVID-19.

The bench comprising of Chief Justice DN Patel and Justice Prateek Jalan notices the issue to the Central Government and the Reserve Bank of India. The petitioner to the application claimed that the article 14 is violated as YES Bank deposit holder were saved but PMC Bank deposit holder has no relief. The PMC bank filed to implement its own notifications which had permitted special withdrawal allowance for medical expense up to Rs 5 lakhs.

The matter would be heard next on 19th August 2020.