New Delhi: The Supreme Court on Wednesday agreed to an urgent hearing on the public interest litigation (PIL) filed by Bijon Mishra in regards to the Punjab and Maharashtra Cooperative Bank case.

The hearing will be conducted on October 18. The petitioner Bijon Mishra, has sought the full protection of over 15 lakh affected bank customers and 100 percent insurance cover over their savings with the institution.


The development comes as panic has gripped PMC Bank account holders due to the uncertainties over their deposits, which have been stuck after the Reserve Bank of India put a restriction on the lender for six months owing to massive understatement of NPAs.

Ever since the multi-state cooperative bank came under fire for fraud and misreporting of bad loans, PMC Bank account holders have been holding protests demanding that no bail should be granted to the accused Sarang and  Rakesh Wadhawan– Housing Development and Infrastructure Ltd. (HDIL) directors.

Meanwhile, the issue has escalated further as three account holders of the Punjab and Maharashtra Cooperative Bank have died in Mumbai in the last 24 hours. On Tuesday, a 51-year-old account holder in the beleaguered bank, died of a cardiac arrest while returning home after attending a protest rally against the PMC Bank scam.

Another 52-year-old Fatommal Punjabi, died of a heart attack after he collapsed in his shop at Sindhi Colony in the Mumbai’s Mulund area on Tuesday afternoon. The third case is of Dr Yogita Bijlani, who allegedly committed suicide.

Established in 1984 in Mumbai, PMC bank has a network of 137 branches in Delhi and six states including Maharashtra, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. Besides, PMC bank is one of the top 10 cooperative banks in India.