Supreme Court · 1998 INSC 319 · Decided 25 August 1998
Canara Bank v. P.R.N. Upadhyaya and ORS.
- Court
- Supreme Court of India
- Citation
- 1998 INSC 319 · [1998] SUPP. 1 S.C.R. 93
- Case number
- CIVIL APPEAL No. 4286/1998
- Decided
- 25 August 1998
- Bench
- A.S. ANAND, S. RAJENDRA BABU, M. SRINIVASAN (3-judge bench)
- Outcome
- Case Allowed
- Case type
- Civil
Headnote
Banking Regulation Act, 1949-Section 21, 35--Circulars issued by Rese1ve Bank of India-Held, Statuto1y i11 nature and required to be complied with by the ba11ks. S.35A-Banking Ombudsman-Appointed by virtue of the scheme framed u11der the sectio11:-Dutie;~Held, to regulate tlze working of the banks Rese1ve Ba11k of India. Words & Phrases-Temz Loan-Mea11ing of in the context of banking law and practice. The appellant-bank sanctioned loans of Rs. 811,000 on 12.1.1980, Rs. 25,11110 on 21.2.1986 and Rs. 2,00,11011 on 22.2.1991 in favour of respondent no. 3 for construction of strong rooms
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