78 % depositors of PMC Bank can withdraw entire deposits: govt
New Delhi: Nearly 78 per cent depositors of the scam-hit PMC Bank have been allowed to withdraw their entire deposits even though the ceiling of Rs 50,000 on withdrawal continues, Union Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday.
Sitharaman also said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw upto Rs 1 lakh by invoking the 'hardship provisions' of the RBI.
"Nearly 78 depositors are now allowed to withdraw their entire account balance. They are small depositors. With this, the concerns of all small depositors are take care of," she said during Question Hour.
The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained.
Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other "hardships", the withdrawal limit if Rs 1 lakh.
According to the Mumbai Police's Economic Offences Wing (EOW), the PMC Bank management, allegedly in cahoots with a business family concealed from the banking regulators' scrutiny huge loan defaults by HDIL group firms.
Over 70 per cent of the bank's advances went to HDIL group, which led to a huge crisis when the realty group defaulted on repayment, the EOW had said.
The RBI had on 24 September imposed operational curbs on PMC Bank and appointed an administrator following detection of alleged financial irregularities.
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CJI Surya Kant clarifies 'parasites' remarks, says 'pained' over media reports
New Delhi (PTI): Chief Justice of India Surya Kant on Saturday issued a strongly worded clarification on his 'parasites' remarks, saying he was "pained" by media reports that suggested he criticised youth.
"I am pained to read how a section of the media has misquoted my oral observations made during the hearing of a frivolous case yesterday," the CJI said in a statement.
Kant emphasised that his remarks were specifically directed at individuals entering the legal profession through "fake and bogus degrees" and were "misquoted by a section of the media."
The clarification follows a controversy during a hearing on Friday, when the CJI used words like "parasites" and "cockroaches" while pulling up a lawyer for his plea seeking senior designation.
"What I had specifically criticised were those who have entered professions like the Bar (legal profession) with the aid of fake and bogus degrees. Similar persons have sneaked into the media, social media, and other noble professions as well, and hence, they are like parasites.
"It is totally baseless to suggest that I criticised the youth of our nation. Not only am I proud of our present and future human resource, but every youth of India inspires me. It is not an exaggeration to say that Indian youth have great regard and respect for me, and I too see them as the pillars of a developed India," the chief justice said about his remarks.
