SC grants 4 more weeks to CBI, RBI to file reply on Swamy's plea for probe into role of RBI officials in bank scams

The Supreme Court on Friday granted four-week extension to the Central Bureau of Investigation and Reserve Bank of India to file reply on a plea filed by BJP leader Subramanian Swamy seeking probe into the alleged role of the central bank officials in various banking scams.

A bench of Justices B R Gavai and Vikram Nath said it will hear the matter after six weeks.

The top court had issued notices to the CBI and ED on October 17.

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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.

He contended that despite playing a key role in the allocation of funds to various projects, RBI nominees have not been touched by CBI enquiries from 2000 till today.

"Not a single RBI official has been brought to justice despite RBI retaining the power to monitor, regulate, supervise, audit and direct the functioning of all banking companies in India," the plea submitted.

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.