Mumbai | RBI approached the Administrator appointed by the Reserve Bank for the withdrawal of up to Rs 1 lakh in case of medical emergencies to depositors of troubled Punjab and Maharashtra Cooperative Bank (PMC), the RBI told the Bombay High Court on Tuesday.
In an affidavit filed in HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned a withdrawal limit of Rs 50,000 for scenarios such as marriage, education, livelihoods and “other hardships”.
RBI counsel Venkatesh Dhond told the bench of Justice SC Dharmadhikari and RI Chagla that depositors facing difficulties can approach the RBI-appointed administrator and withdraw up to Rs 1 lakh.
The affidavit states that such restrictions were necessary to protect the interests of the bank and its depositors. The apex bank also said that a large-scale wrongdoing has been found in the PMC bank. On 23 September, RBI imposed regulatory restrictions on PMC Bank for six months over alleged financial irregularities.
