Madhya Pradesh High Court stays RBI circular on appointment of MD/CEOs of Primary (Urban) Co-operative Banks

The petition also challenged the Banking Regulation (Amendment) Act, 2020 for being ultra vires the Constitution.
Madhya Pradesh High Court stays RBI circular on appointment of MD/CEOs of Primary (Urban) Co-operative Banks
Madhya Pradesh HC Jabalpur bench

The Madhya Pradesh High Court on Friday stayed the operation of a Reserve Bank of India (RBI) circular directing primary (urban) co-operative banks to appoint Managing Directors/Chief Executive Officers as per the eligibility criteria prescribed by RBI (Mahanagar Nagrik Sahakari Bank Maryadit v. Union of India).

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