The Bombay High Court has adjourned the hearing on the case pertaining to Kotak Mahindra Bank’s writ petition on Reserve Bank of India’s (RBI) norms on promoters’ shareholding in private
banks till January next year, citing paucity of time.
According to RBI’s direction, the bank had to reduce promoters’ stake to 20% from 30% by December 2018 and to 15% by March 2020. Kotak Mahindra Bank has moved the Bombay High Court, contesting the RBI’s decision to reject its bid to issue preference shares for reducing promoter stake.