In a landmark judgment, theSupreme Court has freed the management ofcooperative banks from the unwritten control of political masters in states despite being brought under the supervision of the Reserve Bank of India through a 1965 law.
Ruling parties have regularly interfered to ensure that people close to them are elected directors of these cooperative banks and have also exerted pressure on Registrar Cooperative Societies to supersede cooperative bank managements if the management did not honour their wishes.
A bench of Justices K S Radhakrishnan and Dipak Misra told the supervisory body that it would be personally liable for succumbing to political pressure to supersede elected board of directors of cooperative banks.
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