On Monday, the Reserve Bank of India (RBI) told the Delhi High Court that it has given in-principle approval for setting up a small finance bank which will take over the scam-hit PMC Bank soon.
A bench comprising of Justice D N Patel and Justice Jyoti Singh granted time to the RBI to file an affidavit on the development in the matter and listed the case for further hearing on August 20.
Senior advocate Jayant Bhushan, representing the RBI, submitted that it has given in-principle approval to Centrum Finance Services Ltd to set up a small finance bank which will take over Punjab and
Maharashtra Cooperative (PMC) Bank very soon as the process in near completion.
He said this will ease the trouble faced by the bank's customers who are unable to withdraw their money.
The court was hearing an application by consumer rights activist Bejon Kumar Misra seeking directions to the RBI to consider other needs of PMC Bank depositors such as education, weddings and dire financial position, not just serious medical emergencies as being done at present.
The application was filed in Misra's main PIL seeking directions to the RBI to ease the moratorium on withdrawals from the PMC Bank during the coronavirus pandemic.
Advocate Shashank Deo Sudhi, representing Misra, submitted that more than five dates have been given to the authorities and the hard earned money of the depositors has not been released.
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(With input from news agency language)
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