Bombay High Court clarifies it has not stayed RBI circular on bank fraud; only asked banks to follow Supreme Court order

The Court clarified that its directions on the master circular is restricted only to those actions by the banks that are inconsistent with a Supreme Court ruling on the issue.
RBI, Bombay High Court
RBI, Bombay High Court

The Bombay High Court on Tuesday clarified that it has not stayed the operation of the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions of 2016 (master circular) pertaining to bank fraud [SS Hemani v. RBI & Ors.]

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