Supreme Court ready for hearing on PMC Bank scam

New delhi date. 16 October 2019 Thursday

The issue of PMC Bank has now reached the Supreme Court. A petition was filed in the Supreme Court to ensure that the bank's 1.5 lakh customers are protected against their finances, and the country's highest court has agreed to hold a hearing soon.

The Punjab and Maharashtra Co-operative Bank's Rs 4355 crore scam has been blocked after the applicant demanded guidelines to guarantee the security of customers' deposits during the financial crisis. RBI has also imposed restrictions on financing bank customers.

Savings taxpayers can withdraw only 40,000 rupees of their capital in the first six months period. This has led to panic among consumers. The matter came before a bench of three Supreme Court judges NV Raman, R Subhash Reddy and BR Gawai for immediate hearing. The Supreme Court was ready to hold the hearing from October 18, considering the petitioner's request.

In a petition to the Supreme Court, the petitioner sought to provide comprehensive and comprehensive guidelines for protecting the capital of bank customers during the financial crisis.