The Orissa High Court has stayed the closure of Baripada Urban Co-operative Bank till the next hearing, reports Odisha Times.
The state government had decided to close down Baripada urban cooperative bank and put it under the control of administrator as the RBI had scrapped its licence last year due to its local branch reporting excessive NPAs.
The bank’s Board of Directors moved the High Court challenging the state govt’s decision.
The cooperative bank is one of the oldest cooperative banks in Odisha.
IT IS UNCALLED FOR AS THE REGULATOR IN THE CORRECT ATHORITY TO ISSUE SUCH ORDERS.