SC issues notice to CBI over Swamy's plea for probe into role of RBI officials in bank scams

The Supreme Court of India. (File image)

The Supreme Court on October 17 agreed to examine BJP leader Dr Subramanian Swamy's plea seeking an enquiry by the Central Bureau of Investigation (CBI) into the alleged role of Reserve Bank of India (RBI) officials in various banking scams.

Swamy told SC that the RBI officials had allegedly escaped scrutiny with respect to their involvement.

A bench of Justices B R Gavai and B V Nagarathna issued notices to the CBI and RBI and sought their replies on Swamy's plea.

"We'll consider. Issue notice," the bench said. Swamy has alleged that the involvement of RBI officials in scams involving various entities such as Kingfisher, Bank of Maharashtra and Yes Bank had not been probed.

The plea also alleged that RBI officials had acted in demonstrable active connivance in direct violation of statutes, including the Reserve Bank of India Act, Banking Regulation Act and State Bank of India Act.

"The number and value of banking frauds detected by RBI and other agencies during the last couple of years categorically shows that despite enjoying the wide powers which in effect tantamount to direct participation in the management of the banks, the RBI has failed to protect the interest of various stakeholders," Swamy submitted.

(With inputs from PTI)