GOA HIGH COURT SEEKS REPLY FROM RBI OVER WITHDRAWAL LIMIT ENHANCEMENT FOR MADGAUM URBAN CO OPERATIVE BANK DEPOSITORS

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The division bench of the Bombay High Court at Goa chaired by justice Smt. Bharati H. Dangre and Lord ship M. S. Sonak on 19th January has sought reply from the Reserve Bank Of India ( RBI ), if it could consider whether the present limit for withdrawal of Rs.30,000/- at Madgaum Urban Co Operative Bank Ltd. can be enhanced to Rs.50,000/-

According to orders issued for petition filed by The Local Residents Of Curtorim, Macazanas, St. Jose De Areal And Raia by the Bombay High Court at Goa, on January 19, “The RBI to consider whether the present limit for withdrawal of Rs.30,000/- can be enhanced to Rs.50,000/-.”

“Mr. C.A. Coutinho, Counsel for the Bank points out that with this enhanced limit, the grievances of not less than 49,500 depositors out of 58000 will be redressed to some extent”.

Adv. Panandikar, Counsel who appeared for the RBI has sought a week’s time to file response. The next hearing in this matter has been scheduled on 1st February 2021.

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