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Limits placed by RBI on withdrawal from account of PMC bank was justified:Bombay HC

January 4, 2020[2020] 113 taxmann.com 57 (Bombay)
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FEMA, Insurance & Banking : Limits placed by RBI on withdrawal from account in P & MC Bank was justified

• Overriding power of RBI under section 35A enables it to record a satisfaction and to take measures so as to prevent the affairs of a bank being conducted in a manner detrimental to interests of depositors or in a manner prejudicial to interests of banking company.

• Where petitioners who were account holders in P & MC bank sought a direction to RBI to withdraw restrictions imposed by it on withdrawal from account in P & MC Bank in exercise of its power conferred under section 35A of Banking Regulation Act, 1949, it was held that limits placed by RBI on withdrawal could not be interferred with and in fact, RBI had acted fairly, justly and reasonably in revising limits on withdrawal from time to time and since there were specific materials placed on record by RBI to support its action under section 35A, it could not be said that RBI was not required to interfere or step in affairs of P & MC Bank.

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