HC finds RBI terms 'unnecessary'

HC finds RBI terms 'unnecessary'

The High Court of Karnataka has termed “unnecessary,” the conditions imposed by the Reserve Bank of India for the taking over of Amanath Co-operative Bank by Canara Bank.

During the hearing of a petition, Justice Ram Mohan Reddy observed that the conditions imposed were unnecessary and sought to know how they would help the RBI.

The court asked the RBI to clarify on why the conditions were required, and adjourned the matter till June 20.

Former Union Minister C K Jaffer Sharief has approached the Court seeking CBI inquiry into alleged irregularities in Amanath Bank. The management of the Bank has also moved the Court seeking the merger of the co-operative financial institution with Canara Bank. 

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