RBI updates court on plans for PMC Bank

RBI said, would ease troubles faced by depositors unable to withdraw funds.

The Reserve Bank of India (RBI) on Monday informed the Delhi High Court that it had given in-principle approval to Centrum Financial Services for setting up a small finance bank to take over the Punjab and Maharashtra Cooperative (PMC) Bank. This, RBI said, would ease troubles faced by depositors unable to withdraw funds.

A bench of Chief Justice D.N. Patel and Justice Jyoti Singh then asked the RBI to submit an affidavit while posting the case for further hearing on August 20. The court was hearing a plea to direct RBI to further ease withdrawal norms for PMC bank’s depositors.

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