Go to High Court: SC tells petitioner in PMC Bank fraud case

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A plea seeking 100 per cent protection for the deposits of lakhs of customers of crisis-hit Punjab and Maharashtra Co-operative Bank, filed a petition in Supreme Court, has been dismissed.

Chief Justice of India (CJI) Ranjan Gogoi told the petitioner that customers can move the high court if necessary.
The petitioner in the case said the plea was filed in Supreme Court as four states are involved in the case and also cited an RBI report to justify the same.

While solicitor general said government authorities share the same concern, it was mentioned that Enforcement Directorate (ED) has already initiated an investigation and 88 properties have been attached.

However, the petitioner said the amount of relief needed for customers is much higher as there are over several customers across 127 bank branches who need immediate relief.

But the Supreme Court refused to hear the PMC Bank fraud victim’s case and added that the only remedy is to approach the High Court.

Customers of PMC Bank are desperately awaiting relief from the government after RBI imposes strict restrictions on the co-operative bank for violating rules.

Since then, depositors have been protesting against concerned authorities and demanding their deposits to be returned immediately.

Finance Minister Nirmala Sitharaman and Union minister Amit Shah have assured that almost all PMC Bank customers will get all their money back after the legal proceedings in the case are over.

Source By Indiatoday

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