The Bombay High Court has stayed the effect of the Reserve Bank of India’s (RBI) master circular allowing banks to classify accounts as fraud without a hearing until September 11. The decision came after a group of petitions, including one filed by Naresh Goyal, the founder of now-defunct Jet Airways, argued that the circular violated principles of natural justice by allowing banks to act arbitrarily. The circular allows banks to make full use of the Central Fraud Registry to identify, control, report, and mitigate risks associated with fraud, but petitioners say it does not afford account holders a fair defense. The high court will hear the petitions in September.
Bank Accounts Can No Longer Be Classified as Fraud: High Court Puts RBI Circular on Hold
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