The depositors of Punjab and Maharashtra Co-operative Bank, surrounded by the scam, have come as a big relief. Depositors can contact an RBI-appointed administrator to withdraw up to Rs 1 lakh in case of a medical emergency. RBI said this to the Bombay High Court on Tuesday . In its affidavit on petitions challenging the restrictions on withdrawal of money, the RBI mentioned a withdrawal limit of up to Rs 50,000 for 'difficulties on other fronts', including marriage, education, livelihoods.
Administrators will have to be contacted by RBI lawyer Venkatesh Dhond, Justice S.K. C. Dharmadhikari and Justice R. I told Chagla's Division Bench that the Depressed Depositors can approach the Administrator appointed on behalf of the RBI and allow withdrawal of up to Rs 1 lakh. The affidavit states that such restrictions on withdrawals are necessary to protect the interests of banks and depositors.