Bank scams: There cannot be separate probes into alleged role of our officials, RBI to Supreme Court

The Reserve Bank of India (RBI) has told the Supreme Court that individual and separate probes into the role of its officials in banking and financial scams are not feasible..The Central Bank's reply came in a public interest interest litigation (PIL) filed by former Union Minister Subramanian Swamy and Advocate Satya Sabharwal in this regard."It is respectfully submitted that there cannot be a separate and individual investigation qua the allegations made against one set of officials. It is always the offence which is investigated which includes the role of all the persons involved. The prayer made in the petition thus deserves to be dismissed.".At today's hearing, a Bench of Justices BR Gavai and Vikram Nath, after hearing Solicitor General Tushar Mehta appearing for the respondents, gave the petitioners three weeks' time to file their rejoinder to the RBI's reply. .The Supreme Court had in July issued notice to the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) in the matter.The plea states that the number and value of banking frauds detected by the RBI and other agencies during the last couple of years showed that despite enjoying wide powers, the RBI failed to protect the interests of various stakeholders including depositors, investors and shareholders.This has led to a loss in faith in the entire banking system in India, the plea stated. Swamy, therefore, sought CBI probes into RBI officials in connection with the following scams:- Kingfisher scam;- Bank of Maharashtra scam;- Uttar Pradesh-based Private sugar organisation scam;- Nirav Modi/ Punjab National Bank scam;- IL&FS scam;- PMC bank scam;- Yes Bank scam;- Lakshmi Vilas Bank scam;- Rotomac Global Private Ltd scam;- First Leasing Company of India Ltd scam..The RBI's reply expresses doubts on the the veracity of these allegations. Terming the contentions in the PIL frivolous, ill-conceived, vexatious, and without any basis in law or facts, the RBI states that the same should be dismissed at the threshold with heavy costs. The petition has been filed on an 'experimental' basis', it is stated, since no ex-facie involvement, complicity or negligence on part of the central bank has been highlighted, the RBI added. Delving into the several preventive and punitive measures taken, as well as the in-house accountability mechanism in place to tackle bad loans etc, the reply adds that the petitioners have no locus to file the present plea to direct law enforcement agencies to initiate probes. Legal proceedings in the scams in question are already underway before different courts and the matter is hence sub-judice, it is stated.