JUDGMENT :

Facts:

1. The first writ petitioner is a State Co-Operative Bank and a Scheduled Bank within the meaning of the Reserve Bank of India Act, 1934 (for short, the R.B.I. Act) carries on, inter alia, banking business. The first petitioner is also registered under the provisions of the West Bengal State Co-Operative Act, 1940 (for short, the Co-Operative Act) and carries on its business, inter alia, atand from its Registered Office/Head Office at 24A, Waterloo Street, Kolkata.

2. Pursuant to the functional requirement and mandate, the first petitioner was required to deploy its excess funds, inter alia, in fixed deposits with the Commercial Banks as an inter bank investment as and when such excess funds accrued in its account, after disbursement of all its banking obligations in order to earn interest income so that its funds get increased.

3. Following the said obligations the first petitioner negotiated, at the relevant point of time, with several bankers to obtain maximum available interest on its deposit. In course of such negotiation, and in usual course of business, the