Bombay High Court stays operation of RBI master circular on bank fraud

The RBI's master directions on frauds allowed banks to declare any account as fraudulent without granting an opportunity of hearing to the concerned party.
RBI, Bombay High Court
RBI, Bombay High Court

The Bombay High Court on Monday stayed the effect of the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions of 2016 pertaining to bank frauds.

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