$~69 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 25^th March, 2026 Uploaded on: 30^th March, 2026 + W.P.(C) 3590/2026 & CM APPL. 17438/2026 DEVANG PRAVIN MODY .....Petitioner Through: Mr. Pranjit Bhattacharya, Ms. Salonee Shukla, Ms. Shalini Singh & Ms.

Souravi Das, Advs.

versus RESERVE BANK OF INDIA & ANR. .....Respondents Through: Mr. Ramesh Babu MR and Ms. Nisha Sharma, Ms. Manisha Singh and Ms.

Tanya Chowdhary, Advs. for R-1.

Ms. Seema Gupta, Adv. for Respondent No 2 CORAM:

JUSTICE PRATHIBA M. SINGH JUSTICE MADHU JAIN Prathiba M. Singh, J. (Oral)

1. This hearing has been done through hybrid mode.

2. The present petition has been filed under Article 226 of the Constitution of India challenging the Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions bearing No. RBI/DOS/2024-25/118 DOS.CO.FMG.SEC.No.5/23.04.001/2024-25 dated 15th July, 2024 (hereinafter, ‘the impugned Directions’), issued by the Reserve Bank of India (hereinafter, ‘RBI’).

3. The Petitioner also challenges the Show Cause Notice dated 29^th October, 2025 (hereinafter, ‘SCN’) and the consequent impugned order dated

18^th February, 20