RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court
4 years ago

RBI Is 'State' Under Article 12; Private Banks Discharging Public Functions Amenable To Writ Jurisdiction: Calcutta High Court

Live Law  

The Calcutta High Court has held that th Reserve Bank of India is "State" under Article 12 of the Constitution and thus, a writ petition is maintainable against it. The Single Bench ruled, "Since the Reserve Bank of India is an instrumentality of the State, it comes squarely within the meaning of "State" as contemplated in Article 12 of the Constitution. The Bench refused to apply the principle laid down by the Supreme Court in Federal Bank Limited v. Sagar Thomas & Ors., 10 SCC 733, that a writ petition under Article 226 of the Constitution is not maintainable against private banks. Read the Allahabad High Court ruling here: Private Financial Institutions May Be Performing Public Duties But Can't Be Considered 'State' Under Article 12 Of Constitution: Allahabad High Court Case Title: M/s Pearson Drums & Barrels Pvt.

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History of this topic

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI
2 weeks, 5 days ago

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI

The Hindu  

Raising concerns over banks casual take in declaring bank accounts as defaulter or fraud, the Bombay High Court on Friday, issued notice to Union Bank of India and the Reserve Bank of India in response to a petition filed by industrialist Anil Ambani. The petition challenges the October 10, 2024, order passed by the UBI by which it classified Mr. …

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance
Trending News
1 month, 2 weeks ago

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance

New Indian Express  

BHUBANESWAR: The Reserve Bank of India has imposed a Rs 4 lakh penalty on Odisha State Co-operative Bank Ltd for non-compliance with certain provisions of Banking Regulation Act, 1949. Sources said, the fine has been imposed on OSCB Ltd for allegedly failing to dispose of certain non-banking assets and transfer eligible unclaimed amounts to the depositor education and awareness fund …

RBI fines IndusInd Bank ₹27 lakh over non-compliance
3 months ago

RBI fines IndusInd Bank ₹27 lakh over non-compliance

Live Mint  

The Reserve Bank of India imposes a penalty of ₹27 lakh on IndusInd Bank for not complying with norms. “The Reserve Bank of India has, by an order dated December 18, 2024, imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Ltd. for non-compliance with certain provisions of ‘Reserve Bank of India Directions, 2016’,”the central bank said in statement …

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes
3 months, 2 weeks ago

Banking Bill seeks to resolve issues about unclaimed deposits, nomination among 17 other changes

New Indian Express  

MUMBAI: Finance Minister Nirmala Sitharaman has tabled the Banking Laws Bill in the Lok Sabha, proposing to make as many as 19 amendments, including changes in the RBI Act, the Banking Regulation Act, the SBI Act, the Banking Companies Act, and the Banking Companies Act. The bill The bill seeks to bring about changes in the RBI Act of 1934, …

Taxpayers Can't Seek Writ Remedy By Bypassing Statutory Requirements Of Pre-Deposit: Bombay High Court
4 months ago

Taxpayers Can't Seek Writ Remedy By Bypassing Statutory Requirements Of Pre-Deposit: Bombay High Court

Live Law  

The Bombay High Court held that circumstances in which the appeals require some percentage of the demanded tax to be pre-deposited, do not render the appellate remedies any less efficacious. Facts of the case: The Petitioner/ Assessee approached the High Court challenging the show cause notices demanding goods & services tax, to the extent they pertain to service tax demands …

Writ Is Not Maintainable Against Private Companies, Orrisa High Court Suggests Workmen To Pursue Matter In Appropriate Forum
10 months, 2 weeks ago

Writ Is Not Maintainable Against Private Companies, Orrisa High Court Suggests Workmen To Pursue Matter In Appropriate Forum

Live Law  

The Orrisa High Court single bench of Justice Aditya Kumar Mohapatra dismissed a writ petition against private companies based on the reason that private companies do not classify as the State, as defined under Article 12 of the Indian Constitution. Brief Facts: All Odisha Bharati Infratel Contractual Technicians Union filed a writ petition before the High Court of Odisha, representing …

RBI Mute Spectator, Allowing Banks To Arbitrarily Charge Very High Rate Of Interest Despite Guidelines: Allahabad High Court
1 year, 1 month ago

RBI Mute Spectator, Allowing Banks To Arbitrarily Charge Very High Rate Of Interest Despite Guidelines: Allahabad High Court

Live Law  

The Allahabad High Court has expressed surprise on how despite guidelines issued by the Reserve Bank of India, banks are being allowed to charge higher rates of interest from their customers. While dealing with a case regarding higher interest rate charged by Standard Chartered Bank without informing the petitioner, the bench comprising Justice Mahesh Chandra Tripathi and Justice Prashant Kumar …

RBI To Determine Bank's Knowledge Of Borrower's Account Balances, Application Of 'Right Of Recompense': Kerala High Court
1 year, 4 months ago

RBI To Determine Bank's Knowledge Of Borrower's Account Balances, Application Of 'Right Of Recompense': Kerala High Court

Live Law  

The Kerala High Court recently held that the determination of whether the bank had knowledge of the amount remaining in the borrower's account at the time of granting the One Time Settlement, and whether the bank could therefore exercise the 'Right of Recompense,' is a matter to be decided by the bank itself.‘Right of Recompense’ is a tool used by …

Govt Authorities Can't Use Alternate Remedy Doctrine As A 'China Wall' Against Invocation Of Writ Jurisdiction: Karnataka High Court
1 year, 5 months ago

Govt Authorities Can't Use Alternate Remedy Doctrine As A 'China Wall' Against Invocation Of Writ Jurisdiction: Karnataka High Court

Live Law  

The Karnataka High Court has observed that the doctrine of alternate remedy cannot be used as a rigid barrier against invocation of its writ jurisdiction, especially by entities falling under Article 12 of the Constitution. “In all cases, the entities answering Article 12 of the Constitution of India cannot press into service the doctrine of alternate remedy as the China …

Should Banks Inform Borrowers About Changes In Interest Rates, Give Annual Loan Statements? Supreme Court Asks RBI
1 year, 6 months ago

Should Banks Inform Borrowers About Changes In Interest Rates, Give Annual Loan Statements? Supreme Court Asks RBI

Live Law  

The Supreme Court of India on Monday requested the Reserve Bank of India to submit an affidavit clarifying its directives concerning banks’ obligations to borrowers. A bench of Justices Sanjiv Khanna and SVN Bhatti was hearing a special leave petition filed by the Punjab National Bank against an August 2022 decision of the Punjab and Haryana High Court quashing a …

Calcutta High Court Quashes Trespass Charges Against Bank's Debt Manager, Says Visit To Defaulter's House Was In Due Course Of Official Duty
1 year, 8 months ago

Calcutta High Court Quashes Trespass Charges Against Bank's Debt Manager, Says Visit To Defaulter's House Was In Due Course Of Official Duty

Live Law  

The Calcutta High Court recently quashed the criminal proceedings for trespass and intimidation initiated against ICICI Bank's debt manager who had visited the house of a credit card holder in connection with pending dues. A single-judge bench of Justice Shampa Dutt held, “The petitioner being the Debt Manager of the bank's separate wing, with appropriate training as per RBI guidelines …

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation
1 year, 9 months ago

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation

Live Law  

The Reserve Bank of India on Friday defended its recent decision to withdraw Rs 2,000 notes from circulation and informed the Delhi High Court that it is only a “currency management exercise” and not demonetisation.Senior Advocate Parag P. Tripathi made the submission before a division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad during the hearing of …

Banks Have Exclusive Domain On Their Treasury, Discretion To Release Loan Subject To Their Satisfaction, Can't Issue Writ: Patna High Court
1 year, 11 months ago

Banks Have Exclusive Domain On Their Treasury, Discretion To Release Loan Subject To Their Satisfaction, Can't Issue Writ: Patna High Court

Live Law  

In a recent ruling, the Patna High Court dismissed a writ petition seeking a writ of mandamus to direct the Bank authorities to sanction a loan amount of Rs. A single judge bench comprising Justice Sanjeev Prakash Sharma held that a writ petition seeking mandamus to release a loan amount from a Bank was not maintainable as Banks have an …

Plea In Bombay High Court Against Govt's “Unlimited” Power To Attach Property Of Anyone Connected To Company Under Protection Of Depositors Act
2 years ago

Plea In Bombay High Court Against Govt's “Unlimited” Power To Attach Property Of Anyone Connected To Company Under Protection Of Depositors Act

Live Law  

The Bombay High Court has issued notice on a writ petition challenging the Government’s “unlimited” and “unrestricted” power to attach properties of anyone connected to a company under the Maharashtra Protection of Interest of Depositors Act, 1999. “The consequences of such autonomous power is fatal and destructive not only to the rights of such other persons but the original objects …

RBI Didn't Independently Apply Its Mind In Recommending Demonetisation, Entire Exercise Carried Out In 24 Hours : Justice BV Nagarathna
2 years, 2 months ago

RBI Didn't Independently Apply Its Mind In Recommending Demonetisation, Entire Exercise Carried Out In 24 Hours : Justice BV Nagarathna

Live Law  

In her dissenting judgment in the pleas challenging demonetisation, Supreme Court judge Justice BV Nagarathna observed that there was no independent application of mind by the Reserve Bank of India in recommending the cancellation of entire Rs.500 and Rs.1000 notes as proposed by the Central Government.Justice Nagarathna formed this opinion after referring to the records relating to the. In her …

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files
2 years, 3 months ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times  

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

Supreme Court directs Centre, RBI to submit records behind demonetisation decision
2 years, 3 months ago

Supreme Court directs Centre, RBI to submit records behind demonetisation decision

The Hindu  

The Supreme Court on December 7 directed the Centre and the RBI to place on record the “relevant records” relating to the government’s 2016 decision to demonetise currency notes of ₹1,000 and ₹500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre’s decision, a five-judge Constitution Bench headed by Justice S.A. Nazeer heard the …

Writ Jurisdiction Can Be Invoked For Commercial Transactions Between Private Person & Public Body Involving Element Of Public Law: Calcutta HC
2 years, 3 months ago

Writ Jurisdiction Can Be Invoked For Commercial Transactions Between Private Person & Public Body Involving Element Of Public Law: Calcutta HC

Live Law  

The Calcutta High Court has held that writ jurisdiction of High Courts under Article 226 of the Constitution is invocable even for cases involving ordinary commercial transactions between private persons and public bodies as long as some element of public law is involved in the said commercial transactions. The dispute involved in the instant writ petition arose out of loans …

RBI Should Consider Genuine Applications To Exchange Demonetised Notes Of Persons Who Missed Deadline, Says Supreme Court During Hearing
2 years, 3 months ago

RBI Should Consider Genuine Applications To Exchange Demonetised Notes Of Persons Who Missed Deadline, Says Supreme Court During Hearing

Live Law  

During the hearing of the pleas challenging demonetisation, the Supreme Court on Friday orally said that the Reserve Bank of India should consider the genuine applications made by persons who missed the deadline for exchanging the demonetised currency notes. Speaking about the "700 odd applications" received by the Reserve Bank to credit the value of demonetised notes after the expiry …

Demonetisation Well-Considered, Led To Benefits; Consultation With RBI Began In Feb 2016 : Centre Tells Supreme Court
2 years, 4 months ago

Demonetisation Well-Considered, Led To Benefits; Consultation With RBI Began In Feb 2016 : Centre Tells Supreme Court

Live Law  

The 2016 banknote demonetisation was a major step to fight "the menace of fake currency notes, storage of unaccounted wealth, and financing of subversive activities" and was not a "standalone or isolated economic policy action", submitted the Union of India in an affidavit. This policy was "a well-considered decision" and "an important action" in a series of economic policies and …

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC
2 years, 10 months ago

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC

Live Law  

The Jammu and Kashmir and Ladakh High Court has observed that there is no need to obtain the previous sanction to prosecute bank officials in connection with offences under IPC/RPC.The Bench of Justice Sanjay Dhar also observed that the appointing and removing the authority of the officials of the petitioner Bank is not the Government but it is the competent …

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation
2 years, 11 months ago

Delhi High Court Disposes PIL Against Hinduja Group As IndusInd Bank Promoters, Directs RBI To Consider Representation

Live Law  

The Delhi High Court on Monday directed the Reserve Bank of India to treat as representation a PIL seeking to reconsider the decision to increase the stakes held by Hinduja Group as the promoters of IndusInd Bank.A Division Bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla directed the RBI to examine the petition, highlighting the criminal antecedents …

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court
2 years, 11 months ago

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court

Live Law  

The Bombay High Court has ruled that remedy against orders passed under Section 16 of the Arbitration and Conciliation Act, 1996 lies elsewhere and the petitioners, aggrieved by the orders passed under Section 16, cannot file Writ Petitions under Article 226 or Article 227 of the Constitution of India on the ground of 'exceptional circumstances'. The Counsel for the petitioner …

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court
3 years, 2 months ago

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court

Live Law  

A Supreme Court bench comprising, while presiding over a matter regarding delayed payments of principal amount and interest accrued on bonds issued by SIDBI, stated that " The facts of the case relate to the issuance of a number of bonds by the appellant to M/s. The appellant refused to do so citing that RBI had issued a facsimile directing …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years, 3 months ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks
3 years, 6 months ago

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks

Live Law  

The Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India on June 25 which laid down several conditions related to Urban Coopeartive Banks.A division bench comprising Chief Justice Mohammad Rafiq and Justice Vijay Kumar Shukla passed the interim order on September 3 while issuing notice on a writ petition filed by Mahanagar Nagrik Sahkari …

Banks' Petitions Challenging RBI's RTI Notices : Cases Referred To Bench Led By Justice Nageswara Rao
3 years, 7 months ago

Banks' Petitions Challenging RBI's RTI Notices : Cases Referred To Bench Led By Justice Nageswara Rao

Live Law  

A division bench of the Supreme Court on Tuesday referred a batch of writ petitions filed by different banks challenging the RTI notices issued by the Reserve Bank of India to a bench led by Justice L Nageswara Rao.A division bench comprising Justices S Abdul Nazeer and Krishna Murari referred the matters to Justice Rao's bench as that bench had …

Supreme Court To Hear Banks' Challenge Against RBI's RTI Notices For Disclosures On August 17
3 years, 7 months ago

Supreme Court To Hear Banks' Challenge Against RBI's RTI Notices For Disclosures On August 17

Live Law  

The Supreme Court on Friday adjourned hearing of the pleas filed by Banks challenging the notices issued by the Reserve Bank of India to them under Section 11 of the Right to Information Act as regards the inspection reports/ risk assessment reports for the years FY17-18 and FY18-19. A Justice Rao led Bench of the Supreme Court had on April …

Supreme Court Refuses To Stay RBI Notices To Bank Under RTI To Disclose Information
3 years, 8 months ago

Supreme Court Refuses To Stay RBI Notices To Bank Under RTI To Disclose Information

Live Law  

The Supreme Court on Friday refused the prayers made by Punjab National Bank and Union Bank of India to stay the RTI notices issued to them by the Reserve Bank of India to disclose information related to defaulters list, inspection reports etc.A division bench comprising Justices S Abdul Nazeer and Krishna Murari however issued notice on the writ petitions filed …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 10 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act
4 years, 2 months ago

'Abuse Of Process' : Karnataka High Court Dismisses Petition Seeking Criminal Action Against Azim Premji Under RBI Act

Live Law  

The Karnataka High Court has dismissed a petition filed by a not for profit company named "India Awake for Transparency", challenging an order of the magistrate court dismissing its private complaint seeking directions to Reserve Bank of India to register a case against Wipro founder Azim Premji and others under the Reserve Bank of India Act. Further, it was said …

Withholding Of Title Deeds Towards Security By PSU Bank Doesn't Involve Any Element Of Public Duty: Kerala High Court
4 years, 3 months ago

Withholding Of Title Deeds Towards Security By PSU Bank Doesn't Involve Any Element Of Public Duty: Kerala High Court

Live Law  

"Providing of credit facility or providing of loan on the strength of title deeds given in security cannot be said to be done in discharge of any public function, even in a case where it is made by a Public Sector undertaking/Bank", ruled the Kerala High Court on Wednesday. The Court cited the Apex Court's ruling in the case of …

Private Financial Institutions May Be Performing Public Duties But Can't Be Considered 'State' Under Article 12 Of Constitution: Allahabad High Court
4 years, 3 months ago

Private Financial Institutions May Be Performing Public Duties But Can't Be Considered 'State' Under Article 12 Of Constitution: Allahabad High Court

Live Law  

The Allahabad High Court on Thursday reiterated that private financial institutions, carrying business or commercial activity, may be performing public duties, but cannot be considered to be covered under the definition of "State" under Article 12 of the Constitution. Reliance in this regard was placed on Federal Bank Ltd. v. Sagar Thomas and others, 10 SCC 733, whereby the Supreme …

Advocates Permitted To Participate In Proceedings Before Banking Ombudsman Under 2006 RBI Scheme?: Madras HC To Consider [Read Order]
4 years, 5 months ago

Advocates Permitted To Participate In Proceedings Before Banking Ombudsman Under 2006 RBI Scheme?: Madras HC To Consider [Read Order]

Live Law  

The bench of Chief Justice A. P. Shah and Justice Senthil Kumar Ramamoorthy also asked the parties to shed light on a "very peculiar clause" that has been incorporated under Clause 12 of the Scheme which provides that if any Award is rendered by Ombudsman it shall lapse and shall be of no use unless a letter of acceptance of …

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told
4 years, 6 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18  

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

Writ Petition Maintainable Against Private Bank For Enforcement Of RBI Circular On Loan Moratorium : Karnataka HC [Read Order]
4 years, 8 months ago

Writ Petition Maintainable Against Private Bank For Enforcement Of RBI Circular On Loan Moratorium : Karnataka HC [Read Order]

Live Law  

The Karnataka High Court on Wednesday ruled that a writ Petition under Article 226 of the Constitution of India is maintainable against private banks as regards implementation of the loan moratorium announced by the Reserve Bank of India in the wake of lockdown. "What is to be seen here is whether the prayers sought for by the Petitioner for implementation …

Steps Taken By RBI Are For The Benefit Of Depositors; Bombay HC Refuses To Stay RBI's Decision To Cancel CKP Co-Operative Bank's License [Read Order]
4 years, 8 months ago

Steps Taken By RBI Are For The Benefit Of Depositors; Bombay HC Refuses To Stay RBI's Decision To Cancel CKP Co-Operative Bank's License [Read Order]

Live Law  

The Bombay High Court last week refused to stay the decision of the Reserve Bank of India to cancel the license of CKP Co-operative bank and observed that the steps taken by the central bank are in the interest of depositors. Division bench of Justice Nitin Jamdar and Justice SP Tavade were hearing two writ petitions filed by Vishwas Utagi …

Delhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS
4 years, 10 months ago

Delhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS

Live Law  

The Delhi High Court on Monday temporarily injuncted 6 PSU banks from taking any coercive action against Eastman Auto & Power Limited vis-à-vis default arising out of and/or in relation to Reverse Factoring payment obligations under Trade Receivables Discounting System.While granting ad-interim relief to the Petitioner, Bank of Baroda, Bank of India, Punjab National Bank,. The Delhi High Court on …

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]
4 years, 11 months ago

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]

Live Law  

The Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank, in light of the moratorium allowed by the RBI by its circular issued on March 27. While passing the interim order, the bench expressed agreement with the view expressed by another bench in the case Ananth …

S.138 NI Act: SC Directs RBI To Consider Developing A New Proforma Cheque To Include Purpose Of Payments [Read Order]
5 years ago

S.138 NI Act: SC Directs RBI To Consider Developing A New Proforma Cheque To Include Purpose Of Payments [Read Order]

Live Law  

The Supreme Court has recently asked The Reserve Bank of India to consider developing a new proforma of cheques so as to include the purpose of payment, along with other informations to facilitate adjudication of real issues in cheque bounce cases. The Reserve Bank of India may consider developing a new proforma of cheques so as to include the purpose …

Bank of Baroda Moves SC Against Calcutta HC Order Directing RBI To Take Steps Against The Bank
5 years ago

Bank of Baroda Moves SC Against Calcutta HC Order Directing RBI To Take Steps Against The Bank

Live Law  

Bank of Baroda has moved the Supreme Court challenging the order passed by the Calcutta High Court in the matter of a bank guarantee issued on behalf of Simplex Projects Ltd, before the Supreme Court of India.In an Order passed on February 10, Calcutta High Court asked the RBI to consider taking appropriate steps against the bank, including revocation of …

New NPA framework soon
5 years, 11 months ago

New NPA framework soon

Deccan Chronicle  

Mumbai: With the Supreme Court quashing the Reserve Bank of India’s February 12, 2018 circular on resolution of stressed assets as ultra vires, the central bank would be coming out with a revised circular on resolution of stressed assets. Das said that the Supreme Court order struck down the February 12 circular regarding resolution of stressed assets but the validity …

RBI to issue revised circular on bad loan resolution: Shaktikanta Das
5 years, 11 months ago

RBI to issue revised circular on bad loan resolution: Shaktikanta Das

Live Mint  

Mumbai: The Reserve Bank of India will issue a revised circular for resolution of stressed assets after its 12 February 2018 norms were struck down by the Supreme Court earlier this week, RBI governor Shaktikanta Das said on Thursday. The RBI will take steps in light of the court order, including issuance of a revised circular, for expeditious and effective …

RBI Feb 12 circular quashed. All eyes now on monetary policy
5 years, 11 months ago

RBI Feb 12 circular quashed. All eyes now on monetary policy

Live Mint  

Mumbai/New Delhi: The Supreme Court on Tuesday quashed RBI's 12 February circular that had set strict norms for bad loan resolution, easing the concerns of some debt-laden companies and upending India’s fledgling bankruptcy process. The RBI circular directed banks to refer defaulters to bankruptcy courts if they were unable to find a resolution plan within 180 days for stressed accounts …

Supreme Court quashes RBI’s February 12 circular on one-day default
5 years, 11 months ago

Supreme Court quashes RBI’s February 12 circular on one-day default

Deccan Chronicle  

Mumbai: The Supreme Court on Tuesday declared as unconstitutional the Reserve Bank of India’s February 12, 2018 circular on defaulting companies. The Supreme Court held that in the light of section 35AA of the Banking Regulation Act, the RBI could not have issued a generic circular mandating reference under the Insolvency and Bankruptcy Code. As a result, all cases in …

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal
5 years, 11 months ago

Supreme Court strikes down RBI's 12 February circular on bankruptcy proceedings, declares it illegal

Firstpost  

Last month, the RBI had maintained that there was no dilution in its stand with regard to 12 February circular on stressed assets recognition and resolution. In a major relief to stressed power, sugar and infrastructure firms, the Supreme Court on Tuesday quashed the Reserve Bank of India’s 12 February, 2018 circular on bankruptcy proceedings and declared it ultra vires_,_ …

The history of the contentious ‘RBI Act Section 7’
6 years, 4 months ago

The history of the contentious ‘RBI Act Section 7’

Live Mint  

Mumbai: Section 7 of The Reserve Bank of India Act, 1934, became a contentious issue after the tension between the central bank and government turned into a public spat over the last few days. According to the RBI Act’s Section 7, “the central government may from time to time give such directions to the Bank as it may, after consultation …

Don’t Act In A Manner That Makes Public Think RBI, ED Are Politicians’ Puppets, Bombay HC Tells ‘Those In Power’ [Read Judgment]
6 years, 8 months ago

Don’t Act In A Manner That Makes Public Think RBI, ED Are Politicians’ Puppets, Bombay HC Tells ‘Those In Power’ [Read Judgment]

Live Law  

‘The political parties and outfits in power, in opposition ought to know that just as Defence Forces, Police and the Judiciary, it is important that these institutions do not betray public trust and confidence.’While directing the Reserve Bank of India to consider the compounding applications filed by New Delhi Television, the Bombay High Court observed that those in power. ‘The …

SC Asks HCs Not To Entertain Petitions Relating To RBI Circular Prohibiting Virtual Currencies [Read Order]
6 years, 9 months ago

SC Asks HCs Not To Entertain Petitions Relating To RBI Circular Prohibiting Virtual Currencies [Read Order]

Live Law  

The Supreme Court has asked high courts across the country not to entertain any petition relating to the circular issued by the Reserve Bank of India on “Prohibition on dealing in Virtual Currencies’.A bench headed by the Chief Justice of India Dipak Misra issued this order while staying further proceedings pending before Delhi and Calcutta high courts.The court was hearing …

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