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The High Court considered the applicability of the MPID Act to...
Co-op banks & MPID Act: Fraud in loan distribution. Co-op banks not excluded from MPID Act. RBI supervision not enough. Different laws, different purposes.
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The High Court considered the applicability of the MPID Act to Co-operative Banks as "Financial Establishments" u/s 2(d) of the MPID Act in a case involving fraud in loan distribution. The court held that co-operative banks, even if governed by the BR Act, are not excluded from the MPID Act's scope. While such banks are supervised by the RBI, the BR Act does not define or punish offenses like those under IPC sections 409, 420, 467, 468, and 471. The court emphasized that the MPID Act's purpose is not fulfilled solely by bringing co-operative banks under the BR Act. The court dismissed the Criminal Writ Petition.
The High Court considered the applicability of the MPID Act to Co-operative Banks as "Financial Establishments" u/s 2(d) of the MPID Act in a case involving fraud in loan distribution. The court held that co-operative banks, even if governed by the BR Act, are not excluded from the MPID Act's scope. While such banks are supervised by the RBI, the BR Act does not define or punish offenses like those under IPC sections 409, 420, 467, 468, and 471. The court emphasized that the MPID Act's purpose is not fulfilled solely by bringing co-operative banks under the BR Act. The court dismissed the Criminal Writ Petition.
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