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SC asks RBI, PMC Bank to relax withdrawals limits

Aug 02, 2020 13:53 IST

The Supreme Court has asked the RBI and administrator of scam-hit PMC Bank to work out ways to relax limits on withdrawals by depositors in genuine cases of medical emergency and for education. A bench led by Justice DY Chandrachud said that a genuine depositor should not be made to suffer in exigencies and that restrictions should give way to the bonafide needs after proper verification. Last month, the RBI increased the PMC bank’s withdrawal limit to ₹1 lakh saying that more than 84% of the depositors of the bank will be able to withdraw their entire account balance.

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