SC to hear PIL seeking interim protection for PMC Bank customers on Friday

PIL seeks comprehensive guidelines to avoid another crisis like that of PMC Bank, seeks 100 per cent insurance of deposits

The Supreme Court on Wednesday agreed to hear on Friday a Public Interest Litigation seeking interim protection for around 15 lakh customers of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank. The PIL also seeks laying down “comprehensive and exhaustive guidelines” to tackle crisis like the one at PMC Bank. Such crises, the PIL alleges, leads to disastrous consequences for the hard earned money of the common people, which is “plundered by few influential and unscrupulous people”.

The Punjab & Maharashtra Co-operative Bank has been put under restrictions by the Reserve Bank of India (RBI) following the discovery of Rs 4,355-crore