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Madhya Pradesh High Court Stays RBI Circular on Urban Cooperative Banks - (06 Sep 2021)

BANKING

Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India (RBI) on June 25 which laid down several conditions related to Urban Cooperative Banks. The Court has passed the interim order while issuing notice on a writ petition filed by Mahanagar Nagrik Sahkari Bank Ltd. Bhopal challenging the Banking Regulation (Amendment) Act, 2020 and the said circular dated 25 June, 2021, on the ground that the same are ultra vires of the Constitution of India, 1949.

Tags : MADHYA PRADESH HIGH COURT RBI CIRCULAR ON URBAN COOPERATIVE BANKS

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