Delhi HC directs RBI, PMC Bank to consider needs of depositors

New Delhi [India], May 29 : Delhi High Court has directed the Reserve Bank of India (RBI), Punjab Maharashtra Cooperative Bank, and other respondents to consider the needs of the depositors during the coronavirus-induced lockdown.
A bench of Chief Justice DN Patel and Justice Prateek Jalan was hearing an application seeking urgently easing of the moratorium for withdrawal of deposited money from PMC Bank during the coronavirus pandemic and an interim financial package for senior citizen depositors.
"In view of this limited submission, we direct the concerned respondents to appreciate the difficulties raised by the applicant/ petitioner with respect to the moratorium on withdrawal and decide the same in accordance with law, rules, regulations and Government policy applicable to the facts of the case," the bench said on Thursday while disposing of the petition.
The court also added that upon receipt of any representation from any individual or group of depositors in this regard, the decision shall be taken by the concerned respondent authority within a period of four weeks.
In the application, the petitioner Bejon Mishra through advocate Shashank Dev Sudhi stated that in the critical financial situation, the depositors of the PMC bank have no alternative except to approach the court through the petitioner for an immediate direction for the release of their own money deposited in the bank.
It sought directions to the RBI for ensuring the withdrawal of at least the insured amount of Rs 5,00,000 immediately to cater to the medical and other urgent needs of depositors of PMC Bank during such this health crisis.
The application has also sought to direct the RBI to provide an interim financial package for the senior citizen depositors who are facing several health issues including various urgent needs in the interest of justice.
It said that the plight of depositors is heartrending as especially those depositors who are senior citizens, are facing extremely challenging financial situations to meet their daily needs during this pandemic of Covid-19.
The petitioner, in the application, said that he has been receiving several calls including various e-mails from the distressed PMC bank depositors for helping them out of the financial difficulties during this pandemic situation.
No authorities from the respondents are coming forward to redress the grievances of the innocent depositors of PMC Bank, the plea said adding that the depositors of PMC Bank have been continuously writing letters to the authorities for release of the deposited money.
The interim application has been filed in the pending petition filed by Misra, earlier, challenging withdrawal limits in Punjab and Maharashtra Cooperative (PMC) Bank.