RBI told to file report over SB accounts

BANGALORE: The Karnataka High court on Tuesday gave four weeks to Reserve Bank of India (RBI) to submit the report on the deductions made by the banks for not maintaining average quarterly balance and adjourned the further hearing of the case to August 9.
Muththu Krishna of Reserve Bank of India submitted before the court that Damodaran Committee that was appointed to study the issue submitted its report to the Assistant Director of the bank by around 8.40 pm on Monday. Therefore, the bank needs some more time to file its reply to the court and to place the report on the record of the case, he argued.The division bench consisting of Chief Justice J S Khehar and Justice H G Ramesh directed Reserve Bank of India to file its reply on the matter within four weeks.