Rupee Co-operative Bank’s collapse leaves many depositors in distress
Our Partner, Bhavya Mohan, has been quoted in an article published by MoneyControl which highlights the plight of depositors of failed cooperative banks especially, Rupee Cooperative Banks. Sharing her views on the legal route available with the depositors, Bhavya stated that: “…the petitioner(s) would have to make out a prima facie case that the RBI’s directions are..... contrary to public interest or that there is procedural impropriety ......in the decision-making process,”
However, she also noted that, courts will generally not interfere when the RBI has cancelled a bank’s licence in a reasoned manner by following due process and substantive regulations.
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