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Our Bureau

Mumbai, May 5

The Reserve Bank of India has asked urban co-operative banks not to deal with 918 non-banking companies in Bihar, which are listed as "defaulted companies". The directive follows an order issued by the Patna High Court on April 10, asking the RBI to direct banks not to deal with these companies.

The court issued the order after hearing a public interest litigation alleging fraud and misappropriation of funds by these non-banking companies to the tune of Rs 12,000 crore. The court has also restrained these companies from doing any transactions.

More Stories on : Co-operatives | Economic Offences | RBI & Other Central Banks | NBFCs

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