The record
Written from the 1 report below. Nothing here is unsourced.
- The Reserve Bank of India removed Maharashtra minister Babasaheb Patil from the Latur District Central Cooperative Bank’s board after finding he breached a 10-year tenure limit for bank directors.
- This follows a complaint filed by Satish Sheshrao Jadhav, who alleged that multiple directors had violated regulations set under the Banking Regulation Act, 1949.
- While seven other directors resigned following the complaint and court intervention, Patil refused to step down, prompting the RBI's direct removal order.
- Patil maintains that the decision is improper and intends to challenge it in the Bombay High Court.
What to watch next
- The outcome of Babasaheb Patil's planned challenge in the Bombay High Court.
- Potential appointment of an administrator for the Latur District Central Cooperative Bank.
Coverage1
1 report
English national1
All filed from India
Named India · Babasaheb Patil · Latur District Central Cooperative Bank · Bombay High Court · Maharashtra · Nationalist Congress Party · Reserve Bank of India · Satish Sheshrao Jadhav
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