https://www.taxtmi.com/caselaws?id=183203 RBI directions issued under the Banking Regulation Act, 1949 bind banking companies, and a public sector bank cannot depart from a uniform one-time settlement policy in a discriminatory manner. The Court held that the settlement guidelines were intended as non-discretionary instructions, with only limited deviation permitted by the Board of Directors, and that the bank had itself invoked the scheme against the appellants. As a State instrumentality under Article 12, it was required to apply the settlement framework consistently and could not introduce a security-value criterion that undermined its equality-based operation. The impugned judgment was set aside, and the appellants were entitled to consideration of their proposal under the RBI guidelines. en-us Fri, 31 Jul 2009 00:00:00 +0530 Tue, 03 Oct 2023 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183203 RBI directions issued under the Banking Regulation Act, 1949 bind banking companies, and a public sector bank cannot depart from a uniform one-time settlement policy in a discriminatory manner. The Court held that the settlement guidelines were intended as non-discretionary instructions, with only limited deviation permitted by the Board of Directors, and that the bank had itself invoked the scheme against the appellants. As a State instrumentality under Article 12, it was required to apply the settlement framework consistently and could not introduce a security-value criterion that undermined its equality-based operation. The impugned judgment was set aside, and the appellants were entitled to consideration of their proposal under the RBI guidelines. Case-Laws Indian Laws Fri, 31 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183203