Allowed PMC Bank to approve requests for withdrawal on hardship grounds to avoid delays in disbursal: RBI to HC ...Middle East

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Allowed PMC Bank to approve requests for withdrawal on hardship grounds to avoid delays in disbursal: RBI to HC
source : Devdiscourse ( Middle East ) () 57
The Reserve Bank of India (RBI) on Friday told the Delhi High Court that to avoid delays in the process of withdrawals from scam-hit PMC Bank on hardship grounds, the authority for approving such requests was delegated to the bank. The submission by the country's central bank was made in an affidavit filed in the high court in response to the court's observation that instead of leaving it to the PMC Bank to decide which emergencies cited by its depositors were to be considered for disbursal of Rs 5 lakh to them, the RBI should have been taking the call.

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