Co-operative banks’ petition: Bombay High Court seeks RBI’s response

Mumbai, Nov 21: Observing that prima facie there were some inconsistencies in the two circulars issued by the Reserve Bank to district co-operative banks on demonetisationissue, the Bombay High Court on Monday sought RBI’s response to a batch of petitions filed by these banks.

The Mumbai and Solapur District Central Co-operative banks had approached the high court last week challenging the RBI circular of November 14, restricting them from exchanging or depositing old currency notes of Rs 500 and Rs 1,000 which were declared as illegal tender under the government’s demonetisation move on November 8.