Legal Question in Banking Law in India
RBI issued guidelines for meaning of relatives for directors of Urban Co-Op Bank differ the meaning specified by the Andhra Pradesh State Co-Op Societies Act 1964 (APSCS ACT 1964).
In some cooperative bank some of the directors using the ambiguity providing loans to their relatives who are not mentioned as relatives in the RBI guide lines but specifically mentioned in the APSCS ACT 1964.
Pease clarify can the RBI guidelines over ride the ACT passed under constitution? Please provide any earlier juggement in this issue in any court of law
Asked on 12/16/15, 8:50 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
17.12.2015
Repeat query. Already answered. Any further advise or guidance only on prepayment.
Answered on 12/17/15, 2:06 am
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