II. Mode of exercise of powers of RBI.
The petitioners argued that there was no application of mind by RBI on the effective ban and that the invocation by RBI, of public interest as a weapon was a colourable exercise of power. The court referred to various steps taken by RBI with regards to VC’s right from 2013 when it had issued a press release warning users about the potential risks involved in the use of the same. It also said the steps taken by RBI were in good faith and to safeguard the interest of the public.
Ergo, it said, there was nothing wrong in how RBI acted.