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Petitioner Sayed claimed that the Wadhawans have been getting admitted to hospital from time to time since their arrest by the Enforcement Directorate in 2019.
PMC Bank receives 1,229 applications for deposit withdrawal
June 06, 2021
The withdrawals are meant for treatment of Covid-19
The administrator of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank received 1,229 applications for withdrawal of deposits specifically for treatment of Covid-19 illness.
These applications were received since April 16, 2020, when the Reserve Bank of India (RBI) allowed withdrawals up to Rs 5 lakh for treatment of critical illness under medical hardship ground, including Covid-19.
As per the affidavit filed by the Administrator in the Delhi High Court in the matter relating to Bejon Kumar Misra versus Union of India and others, of the aforementioned applications, 419 were received from March 15, 2021 till May 24, 2021.
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Govt may table amendment to DICGC Act in monsoon session
In a bid to ensure timely support to depositors of stressed banks, the government may bring amendment to DICGC Act in the monsoon session with the objective to provide account holders easy and time-bound access to funds to the extent of the deposit insurance cover.
Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh with a view to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress leading to restructuring by the regulator and the government.
: 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.