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Officials of Private Banks are deemed Public Servants: SC

Supreme Court Today delivered a landmark Judgment holding that Chairman, Directors and Officers of Global Trust Bank Ltd. (a private bank before its amalgamation with the Oriental Bank of Commerce), can be said to be public servants for the purposes of their prosecution in respect of offences punishable under Prevention of Corruption Act, 1988. The Two Judge Bench held that by virtue of the provisions of Section 46A of the Banking Regulation Act, 1949 prosecutions launched against the accused officials are maintainable in law.

 Article referred: http://www.livelaw.in/breaking-prosecution-for-corruption-pc-act-against-officials-of-private-bank-is-maintainable-as-they-are-deemed-public-servants-sc/

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