Hindu reports the apex court has ordered the Madras High Court to hear all writ petitions filed in various High Courts across the country challenging the validity of the Banking Regulation (Amendment) Act of 2020 which empowers the RBI to deal with incorporation, regulation and winding up of cooperative banks.
The court passed the orders while disposing of a petition moved by RBI for a common hearing of the cases filed and pending in High Courts of various states.
While some writ petitions had challenged the 2020 Act itself, some other petitions had challenged RBI’s circular issued on June 25, 2021.