Asian Age reports PMC Bank depositors told the court that RBI has failed to discharge its basic responsibility to secure their interests. The court was hearing the PILs and writ petitions filed by the PMC Bank depositors.
The depositors’ argument was RBI should protect the interests of depositors and monitor the functioning of these banks. Not returning investors’ money amounts to non-protection of investors’ interests, the petitioners said.
One of the allegations was that the RBI knew that HDIL was not repaying money to the banks but the apex bank did not act.