Supreme Court Upholds Borrowers' Right to Hearing in RBI Fraud Classification Directions. The Court held that principles of natural justice, specifically audi alteram partem, must be read into the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions 2016 to prevent arbitrariness, as classification entails serious civil consequences under Clauses 8.9.4 and 8.9.5....
The civil appeals arose from challenges to the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions 2016, primarily on the ground that no opportuni...




