The RBI already said any types of generalisation for the release of funds to meet every variety of financial needs of scam-hit Punjab and the Maharashtra Co-operative (PMC) Bank’s depositors could not be appropriate and sustainable, owing to any of the best bank’s precarious financial position.
They are also seeking every type of very immediate release of all kind of emergency funds to meet all the financial needs arising out of the outbreak of this second wave of this pandemic and to declare an extension of directions issued to this PMC Bank.
In this reply, the central bank already said there is no merit in the relief sought by the petitioner for all types of immediate release of every emergency fund to meet the financial needs arising out of every very sudden outbreak of the second wave.
The duty of PMC Bank to pay every type of hardship total amount to the eligible depositors as per the directions of RBI and the subject to availability of any types of liquidity with PMC Bank. The RBI always submitted that the financial condition of PMC Bank already continues to be precarious, with this type of liquidity position not improving very much to allow very much room for enhancement of withdrawal limit.
Further, most of the bank always needs to maintain this type of liquidity to run as a going concern and make itself viable for prospective investors for takeover. And those types of loan is also like a personal loan or other of the loan.
Due to this financial condition of PMC Bank and on any account of significant deposit erosion, severe financial irregularities and some types of mismanagement of affairs of this bank and to protect the rate of the depositors in general and in the public interest.
It is also submitted that efforts are underway to expedite consultations with any of the prospective investors. They have already submitted the final offer to arrive at the best and good possible resolution in the rate of every type of depositor and other stakeholders of the bank.
