NEW DELHI : The banking laws are aimed at protecting depositors and nothing should be done to jeopardize their interest, newly elected CII president Uday Kotak has said, as the Supreme Court looks into the matter of interest waiver during moratorium period.Terming banks as converters, the seasoned banker said, depositors' money is lent to borrowers and money earned from borrowers are paid as interest to savers."The Banking Regulation Act is an Act made primarily for protection of depositors' money.
Therefore we should not be doing anything, which hurts the depositors' money," he told PTI in an interview.The Supreme Court is currently looking into a petition that has challenged the March 27 directive of the Reserve Bank of India, under which.