On Wednesday, there will be an important hearing in the Delhi High Court on the Punjab and Maharashtra Cooperative Bank (PMC Bank) scam. In the last hearing, the High Court sent a notice to the Reserve Bank of India along with the central government to provide relief to the victims of the PMC bank scam. In response to this notice, the Center and the RBI will present their side during the hearing on Wednesday to lift the ban on cash withdrawal to account holders in the PMC Bank scam case.
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According to the media report, the PIL filed in the court demanded that the savings of the account holders be insured, so that all investors can get their deposited money back. Along with this, the petition has also demanded a law so that such bank scams do not happen in the future. In this petition, the entire case has been investigated by the High-Level Committee on the scam. During the last hearing, the bench of Chief Justice DN Patel and Justice C. Hari Shankar, along with the Ministry of Finance, Central Government, RBI, and PMC Bank Was also asked to clarify his stand.
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Account holders have been banned from withdrawing money after the PMC bank scam. Along with this, there have been restrictions on the irregularities in the functioning of the bank and for not giving the right information about the loan given to the real estate company HDIL. Let us tell you that out of the total loan of Rs 8,880 crore, PMC Bank had given a loan of Rs 6,500 crore to HDIL only. The big reason for the problem of account holders is the restrictions imposed by RBI. Actually, after the scam surfaced, the limit of withdrawal of the number of account holders was raised to Rs 1,000. It was later increased to Rs 40,000 (within six months). Despite this, the account holders are not satisfied.
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