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 HC Jabalpur bench
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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