The court said while considering a petition filed by Ramesh Chandra Sharma if the RBI official did not furnish a satisfactory reply, action would be taken against him.
The petition says the petitioner had opened an account with the said urban cooperative bank. The RBI had imposed a ban the bank’s transactions in 2011.
Later in 2013, the apex bank put restrictions on withdrawals exceeding Rs. 5,000.
The petition challenges the apex bank’s arbitrary orders and makes allegations of officers of both the RBI and the urban cooperative bank secretly working together to create the present crisis.