HC directed RBI to allow NBFC Co. to use its SLR investment for payment of interest to depositors

RBI : Where petitioner NBFC requested RBI to permit it to use SLR investment for making payment to secured creditor banks under a OTS proposal, in view of fact that company court was monitoring recovery and payment of dues of petitioner NBFC and on discharging dues of petitioner to creditor banks under OTS all other assets would become available for benefit of depositors, RBI was obliged to exercise its discretionary power to grant exemption to liquidate SLR investment so that suffering of depos