L PRAKASH Vs. UNION OF INDIA REPRESENTED

JUDGEMENT

(1.) The Repatriates Co-operative Finance and Development Bank shortly know as REPCO Bank is a Multi-State Co-operative Society (in short "MSCS") registered in the year 1969 under the Multi State Co-operative Societies Act. Subsequently when Multi-State Co-operative Societies Act, 1942, repealed and replacing by Multi-State Co-operative Societies Act, 2002 ( Act 39 of 2002), the bye-laws of the REPCO Bank were amended and duly registered with the Central Registrar of Co-operative Societies, New Delhi. The Central Government on the Recommendation of Reserve Bank of India, through its Ministry of Finance, issued G.O.No.626, dated 19/01/1972, wherein it was clarified, the prohibition for the Co-operative Society other than Co-operative Bank from using the word "BANK" as part of its name shall not apply to REPCO Bank ,which is not a Co-operative Bank but a society authorised to accept deposits of money only from its members and not from public.

(2.) The bye-laws of the REPCO Bank categories its members as:

(3.) Mr.L.Prakash (petitioner) is a 'A' class member in the REPCO Bank ( 3rd respondent). Alleging that REPCO Bank indulges in Banking activities without license from the Reserve Bank of India (in short "RBI") and also collecting deposits from nominal members contrary to the RBI guidelines, has first filed W.P. 29390/2016 seeking Writ of Mandamus to direct the Union of India and the Reserve Bank of India to take necessary action to prevent the REPCO Bank from carrying on banking transaction and to take action against the erring officials of REPCO Bank.