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RBI provides an update to the Delhi High Court on PMC Bank's preparations

The Reserve Bank of India (RBI) notified the Delhi High Court on Monday that it has awarded Centrum Financial Services in principle clearance to establish a small finance bank to take over the Punjab and Maharashtra Cooperative (PMC) Bank. This, according to the RBI, will alleviate the difficulties encountered by depositors who were unable to withdraw cash.

A Division Bench of Chief Justice D.N. Patel and Justice Jyoti Singh directed the RBI to file an affidavit before remanding the matter to 20 August 2021 for further hearing. The Court was hearing a petition asking the RBI to lift withdrawal restrictions on PMC bank depositors.

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