2020-06-26 13:24:00
PMC Bank

New Delhi: The Delhi high court has directed Reserve Bank of India (RBI) and Centre to file additional affidavits on reasons which propelled forging of the Yes Bank Reconstruction Scheme, 2020. The affidavits will have to state how depositors of PMC Bank are in different circumstances compared with those of Yes Bank.

The court, in its order uploaded today, asked RBI to file an affidavit as to what prompted it to take action in the “public interest” to secure the interest of the depositors of Yes Bank. The Centre has to state why it accorded sanction to the reconstruction scheme.

The court observed this after the perusal of the affidavit filed by the Union government in which it said it had not invested any funds in Yes Bank. The Centre said investors, which include the State Bank of India (SBI), had invested in Yes Bank following its approval of the Yes Bank Limited Reconstruction Scheme, 2020.

The court added that considering the dire state in which the depositors of Punjab and Maharashtra Co-operative Bank are placed today, “the Administrator, to my mind, should approach the concerned Court and make an endeavour to hasten the process. The circumstances created by the Coronavirus pandemic affects even the depositors of the PMC Bank.”

PMC Bank administrator was also directed to file an additional affidavit on the matter.

The next date of hearing is on 6 August.

The order comes on a plea by petitioner Sandeep Bhalla and others seeking directions to RBI to issue a statement on timeliness and safety of deposits held by the depositors with the PMC Bank and to ensure payments to ensure that the petitioners and depositors and paid their money in full along with interest.

The plea had also sought directions to Reserve Bank of India (RBI) to issue necessary instructions to allow the petitioners and depositors particularly senior citizens to withdraw amounts up to the interest on their deposits so as to enable them to make their living/ for subsistence.

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