The Central Bank termed the PIL filed by former Union Minister Subramanian Swamy seeking action against RBI officials involved in bank scams as 'frivolous and vexatious'.
The Supreme Court on Monday issued notices to the Reserve Bank of India (RBI) and central bureau of investigation (CBI) on Bharatiya Janata Party (BJP) leader Dr Subramanian Swamy s plea seeking a probe by CBI into the alleged role of nominee directors in bank loan fraud cases.
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The Reserve Bank of India (RBI), hiding behind its role as India’s monetary authority, has escaped all external scrutiny and accountability regarding its second role as regulator of banking and finance companies which is marked by repeated failures. Until a few years ago, these failures were largely hidden by force-merging failed institutions with public sector banks (PSBs). This trick is no longer possible with non-performing loans of banks soaring past Rs 10 lakh crore and the collapse of several ‘systemically important’ shadow banks exposing the high cost of failed supervision.
Maverick politician and economist Dr Subramanian Swamy has filed a public interest litigation (PIL) in the Supreme Court, seeking a probe by central bureau of investigation (CBI) into the ‘illegal acts of RBI officials’, leading to various scams. The petition lists 10 big scams and says, “not a single RBI official has been brought to justice despite RBI retaining the power to monitor,
BJP senior leader Subramanian Swamy has asked the Supreme Court to direct an investigation by CBI or any other competent authority, into the illegalities committed by officials of the Reserve Bank of India (RBI) in discharge of their official functions, which has resulted in various banking/financial scams in India. Two advocates M R Venkatesh and Satyapaul Sabharwal have assisted him in filing a PIL today at the Supreme Court. In the petition, they alleged that officials of the RBI have been in demonstrable active connivance and in grave violations of their statutory duties. .no officer of RBI has ever been held accountable for any dereliction of duty in case of any fraud reported by any bank. This is in sharp contrast to the number of frauds exploding in the banking sector in India aggregating to in excess of over Rs 3 lakh crore (Rs three trillion), PIL stated.