https://www.taxtmi.com/caselaws?id=109381 Regulatory and supervisory powers over a bank do not, by themselves, create a duty to indemnify depositors for losses arising from voluntary financial transactions. The Court held that public law compensation principles for breach of fundamental rights could not be extended to such claims, and that banking regulation did not impose a common law duty of care to individual depositors absent proximity, bad faith, or other legally recognised grounds. As the Reserve Bank did not exercise day-to-day control over the bank and no case of public misfeasance was made out, the claim for repayment failed. en-us Thu, 26 Feb 2004 00:00:00 +0530 Sat, 17 Aug 2013 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109381 Regulatory and supervisory powers over a bank do not, by themselves, create a duty to indemnify depositors for losses arising from voluntary financial transactions. The Court held that public law compensation principles for breach of fundamental rights could not be extended to such claims, and that banking regulation did not impose a common law duty of care to individual depositors absent proximity, bad faith, or other legally recognised grounds. As the Reserve Bank did not exercise day-to-day control over the bank and no case of public misfeasance was made out, the claim for repayment failed. Case-Laws Companies Law Thu, 26 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109381