MP High Court stays RBI circular dated 25-6-2021 w.r.t. appointment of MD/CEOs of Primary (Urban) Co-operative Banks

FEMA, BANKING amp; INSURANCE : Where RBI passed impugned order dated 25-6-2021 against petitioner-Urban Co-operative Bank and petitioner challenged constitutional validity of amended section 4 of Banking Regulation Amendment Act, 1965 and order of RBI on ground that Cooperative as a subject falls under Entry 32 in List-II - State list in Seventh Schedule appended to Constitution of India whereas Banking falls under Entry 45 in List-I - Union list of Seventh Schedule and, therefore,

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