Banking Regulations Act, 1949

The Supreme Court was asked to clarify certain directions given in its 16 May 2008 judgment concerning the Indian Bank scam involving cooperative societies' fixed deposits (FDRs). The Court observed that, unlike the Bank of Baroda case, there was no Central Bureau of Investigation (CBI) probe in the Indian Bank matters…

The Supreme Court examined the meaning of "the principal sum adjudged" and "such principal sum" in Section 34(1) of the Code of Civil Procedure, 1908, in the context of bank loans that allow interest to be capitalised on periodical rests. It held that, subject to the contract or established banking practice, interest t…

The Supreme Court examined a batch of appeals arising from orders of the National Consumer Disputes Redressal Commission (NCDRC) that uniformly awarded interest at 18% per annum in cases of deficiency of service by development authorities. The Court held that the Consumer Protection Act, 1986 has a wide reach and cover…

The cooperative societies had placed fixed deposits with Indian Bank and Bank of Baroda through commission agents, and the banks later refused to honour the deposits, claiming the amounts had been used to grant loans and that a fraud involving bank officers had occurred. The societies filed writ petitions under Article…

Canara Bank, as the principal trustee of Canara Bank Mutual Fund, purchased NTPC bonds from a bank that later went into liquidation and sought registration of the bonds in the trustee's name and payment of redemption proceeds. NTPC refused registration without a no‑objection certificate from the liquidator and later at…

The Supreme Court examined a dispute arising from the liquidation of Theni Co-operative Urban Bank Ltd., where depositors sought payment of amounts exceeding the Rs 1 lakh insurance limit guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The High Court had directed the Official Liquidator an…