The Apex Co-Operative Bank Of Urban vs The Maharashtra State ...

The Supreme Court addressed the legality of the Reserve Bank of India's (RBI) licensing of the Appellants as a State Co-operative Bank under Section 22(1) and 56(o) of the Banking Regulation Act, 1949. The Court held that the Notification dated 30th December, 1995 and subsequent directions issued under the Maharashtra Co-operative Societies Act, 1960 were quashed, thereby impacting the validity of the RBI's license. The Court directed the RBI to review its licensing decision in light of the quashed Notification, while allowing the license to remain operative until a fresh decision is made.