Dismissing the petitions filed by the PMC bank account holders, the Supreme Court asked the petitioners to approach the High Courts for relief. The Supreme Court on Friday refused to entertain petitions filed by some Punjab and Maharashtra Cooperative Bank (PMC) account holders, seeking direction to Reserve Bank of India (RBI) against putting a restriction on withdrawal of money. Dismissing the petitions filed by the PMC bank account holders, the Supreme Court asked the petitioners to approach the High Courts for relief. On Monday, Reserve Bank of India (RBI) revised the withdrawal limit for Punjab and Maharashtra Co-Operative Bank customers to Rs 40,000. The RBI had on September 23 placed restrictions on withdrawing money after the bank was found of financial irregularities. The RBI then on October 3 increased the withdrawal limit to Rs 25,000. On Wednesday, Punjab and Maharashtra Bank (PMC) depositors held a protest outside Esplanade Court in Mumbai demanding justice for issues related to the withdrawal limits imposed on the account holders. On the same day, Former Punjab & Maharashtra Co-operative (PMC) Bank Director S Surjit Singh Arora, was arrested in the PMC Bank scam case by the Economic Offences Wing (EOW) of the Mumbai Police and has been sent to police custody till October 22. Housing Development & Infrastructure (HDIL) directors Rakesh and Sarang Wadhawan, former PMC Bank chairman Waryam Singh, and former PMC Bank Managing Director Joy Thomas have already been arrested and are currently in police custody. Last month, the RBI restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits. The Punjab and Maharashtra Cooperative (PMC) Bank scam case is a Rs 4500 crore financial scandal in which PMC Bank management fraudulently extended loans to the financially stressed real estate player Housing Development & Infrastructure (HDIL). PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.