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State to move SC against RBI
The Hindu
Regulations imposed on cooperative bodies by the central bank
The State Government will approach the Supreme Court against the regulations imposed on cooperative bodies by the Reserve Bank of India (RBI), Minister for Cooperation V.N. Vasavan has said.
The Government had opposed the recent circular issued by the RBI cautioning public against cooperative societies that used the words ‘bank’, ‘banker’ or ‘banking’ as part of their names. The central bank had also noted that some cooperative societies were accepting deposits from non-members/ nominal members/ associate members, which is tantamount to conducting banking business in violation of the Banking Regulation Act.
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The Karnataka government has drafted a comprehensive master plan for the integrated development of Kukke Subrahmanya temple, the State’s highest revenue-generating temple managed by the Hindu Religious Institutions and Charitable Endowments Department. The redevelopment initiative is estimated to cost around ₹254 crore and aims to enhance infrastructure and facilities for devotees.