B. VENKATA SIVA Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) Heard the learned counsel for the petitioners, the learned Government Pleader for Co-operation for respondents 1 to 4 and Sri Rampilla Srinivasa Rao, learned counsel for respondent No.5, apart from perusing the material placed on record.

(2.) The present Writ Petition is filed seeking the following relief :

(3.) It is the case of the petitioners that 5th respondent-urban bank functions under the supervision and control of 6th respondent-Reserve Bank of India (RBI). 6th respondent-Reserve Bank of India issued Master Circulars dtd. 2/7/2007 1/7/2014, and they inter alia deal with Role of Directors -Dos and Don'ts for guidance of the Directors of Urban Banks. There are instances of Urban Banks not following the Master Circulars issued by 6th respondent-RBI, which have been pointed in enquiry reports, and 6th respondent-RBI imposed penalty of Rs.5.00 lakhs on 5th respondent-urban bank on 22/9/2017.