A month after the Supreme Court cracked the whip on banks operating illegally from residential colonies in Noida, the rule was relaxed temporarily with the Court suspending sealing of banks for next two weeks. On an application moved by the banks’ association, many of whom are operating within Noida’s residential colonies, the bench of Justices Swatanter Kumar and Rajana Desai stayed operation of its December 5 judgment for two weeks. The bench summoned Chief Executive Officer of Noida to remain personally present on the next date of hearing to detail the steps taken to provide alternate locations to the displaced banks. The order had affected the operations of 22 banks and 21 ATMs involving nationalized banks that affected lakhs of customers in Noida. Appearing for the banks, senior advocate Mukul Rohatgi submitted that the banks were yet to get alternate land. In this connection, he added, they approached the Noida CEO and even advertised in newspapers for rented accommodation. Further, Rohatgi said that setting up banks required strict adherence to guidelines of Reserve Bank of India and Central Vigilance Commission.
The Pioneer
