SC Refuses to Hear Plea of PMC Bank Depositors, Directs Them to HC

Image used for representational purposes only.

(Photo: The Quint)

The Supreme Court on Friday, 18 October, declined to entertain a petition seeking relief for depositors affected by PMC Bank crisis.

The apex court asked petitioner and consumer activist Bejon Misra to go before the concerned high court. Misra, in his plea, sought quashing of the RBI notification imposing a limit on cash withdrawal by the customers.

On Wednesday, the SC had agreed to an urgent hearing of a PIL in the PMC Bank scam, which seeks full protection of over 15 lakh victims and 100 percent insurance cover for Punjab and Maharashtra Bank (PMC) depositors.

The PIL, a copy of which was accessed by The Quint, sought an increase in the insurance money, more regulated control over multi-state cooperative banks and investigation into misappropriation of public funds.

The petition comes in the wake of the death of three depositors of PMC bank. Sanjay Gulati and Fattomal Punjabi suffered a heart attack, while 39-year-old Dr Nivedita Bijlani took her own life.