Depositors are already allowed to withdraw up to Rs 5 lakhs for treatment, says RBI in PMC Bank matter

: Friday, May 14, 2021, 2:26 PM IST
Depositors are already allowed to withdraw up to Rs 5 lakhs for treatment, says RBI in PMC Bank matter
Depositors are already allowed to withdraw up to Rs 5 lakhs for treatment, says RBI in PMC Bank matter
Photo: ANI
The Reserve Bank of India (RBI) in a response filed in Delhi High Court stated that depositors Punjab Maharashtra Cooperative (PMC) Bank are already allowed to withdraw up to Rs 5 lakhs on hardship grounds for treatment of terminal illnesses, including treatment of COVID-19.
"It is the duty of Punjab Maharashtra Cooperative (PMC) to pay hardship amount to the eligible depositors as per directions of RBI and subject to availability of liquidity with that bank. To expedite the process, the authority for approving the payment under hardship grounds has also been delegated to the PMC Bank," states RBI reply in Delhi High Court.

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