Two co-op banks move HC against Centre's ordinance bringing them under RBI

The first bench, comprising Chief Justice A P Sahi and Justice Senthilkumar Ramamoorthy, which admitted the pleas, posted the matter to July 20.

Two Co-operative banks in Tamil Nadu, set up more than 100 years ago, on Tuesday moved the Madras High Court, challenging the recent ordinance promulgated by the union government, bringing all co-op banks under the supervision of the Reserve Bank of India (RBI).

The petitions were filed by Big Kanchipuram Cooperative Town Bank Ltd and the Velur Cooperative Urban Bank Ltd.

Senior counsel for the banks, P H Arvind Pandiyan submitted that they were started around 1904. The former was the first cooperative bank started in India by the then Madras Governor P Rajagopalachari and registered the society that year to organise the