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

January 4, 2020[2020] 113 57 (Bombay)

FEMA, Insurance & Banking : Where petitioners who were account holders in P&MC bank sought direction to RBI to withdraw restrictions imposed by it on withdrawal from account in P&MC bank, since there were lot of irregularities in relation to transaction of bank with HDIL group and RBI had placed material on record to support its action under section 35A, limits placed by RBI in exercise of powers under section 35A could not be interferred with

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