pennews
www.pennews.net
PMC Bank Issue: RBI files affidavit in Bombay High Court
Business

PMC Bank Issue: RBI files affidavit in Bombay High Court

Agency News

Mumbai, Nov 19 : The Reserve Bank of India on Tuesday filed a detailed affidavit in the Bombay High Court during the hearing of number of petitions filed by the depositors of the Punjab & Maharashtra Co-operative Bank (PMC), challenging the limit imposed by it on the withdrawal of money.

The RBI also provided an affidavit copy to the petitioners, regarding the steps it aims to take to protect their interest. In September this year, RBI restricted the activities of the PMC Bank for six months, and asked it not to grant or renew any loans and advances, make any investment or incur any liability after an alleged fraud of Rs 4,355 crore came to light.

The matter will now be heard on December 4. (UNI)