SC to place interim measures to protect PMC depositors on Friday

■ Depositors’ interest will be safeguarded: PMC administrator to RBI

According to a study conducted by Razorpay, India saw over 300 per cent growth in digital transaction with UPI playing a huge role in the jump. The report also expects that 15 per cent of India’s GDP will be flowing through digital payments by 2020. However, the rise will continue to rise as it expects 50 per cent of internet users in the country to start using digital payments by 2022. Marriott International said it is looking to open around 20 more hotels in India by the end of 2020 as part of its expansion. The company currently has 120 hotels across India under 16 brands, including its latest addition, The Ritz-Carlton, Pune. “We will get closer to 140 hotels in India by end of 2020. Typically we open between 15 to 30 hotels every year,” Marriott International, South Asia Senior Vice President Neeraj Govil told New Delhi/Mumbai, Oct. 16: As crisis-hit PMC bank depositors intensified their protests, the Supreme Court has agreed to hear on Friday an urgent plea seeking directions for interim measures to safeguard the money of customers blocked in the bank.

The plea on Wednesday for the apex court to step in amid 3 deaths linked to the crisis in the Punjab & Maharashtra Co-operative (PMC) Bank came even as the bank’s administrator met the RBI’s top brass including Governor Shaktikanta Das and assured depositors that all efforts will be made to safeguard their interests.

The Reserve Bank of India (RBI) has imposed restrictions on the bank following the discovery of a Rs 4,355-crore scam. The limit on deposit withdrawals that has now been capped at Rs 40,000 over a sixmonth period has caused panic and distress among the depositors.

A Mumbai court, meanwhile, remanded two top HDIL officials and the PMC’s ex- Chairman in judicial custody till Oct. 23 in connection with the scam.

Outside the court, several depositors protested demanding that their money be returned. There were also protests by the depositors outside the RBI in Delhi.

In Mumbai, J. B. Bhoria, who was placed as the bank’s administrator last month by the RBI, released a press statement after his meeting with the RBI’s top brass.

“It was assured that the

bank will make all efforts to safeguard the interests of depositors and other stakeholders,” it said.

In a related development, the Economic Offences Wing (EOW) of the Mumbai Police called Surjit Singh Arora, one of the former directors of the PMC bank, for questioning.