A news outlet reports the Bombay High Court did not give an interim stay on operation of the RBI’s order cancelling the license of the CKP Co-op Bank observing that there was no fundamental error in the decision.
The court said the RBI’s decision was prompted by the aim of protecting the interests of depositors and other stake-holders.
The court made the observation while hearing a petition filed by Thane resident Vishwas Utagi challenging the RBI’s order cancelling the license of the cooperative bank.
According to the court, RBI has the power of superintendence over the Banks in the country in the interest of the banking policy.
