The Supreme Court on Wednesday observed that the Saradha scam may not have occurred had monitoring agencies like the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) maintained adequate vigil. The bench of Justice T S Thakur and Justice C Nagappan was hearing a petition by Saradha depositors who prayed for a CBI inquiry...........
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2 comments:
It is sad but true that the Court has indicted among others the RBI, the regulator for having failed to monitor the NBFC of Sarada group in Kolkatta. Many a times, RBI pulls up bankers particularly the PSBs for having poor appraisal system of loans for the NPA woes. But, the same RBI has failed to pull up its own officers of DBOD and those on the Boards of these banks for having failed to deduct and take appropriate action on loans that have gone NPAs like that of King Fisher Airlines, Suzlon etc. Even now, RBI has not asked the banks as to why KFA has not been declared as a wilful defaulter. Even in Sahara case where KYC norms were violated (according to SEBI over 20000 addresses of depositors were not existent) the RBI has not raised a single question against it. It is dead silent about the case of Sahara. There are more questions to answer by the RBI.
It is really sad. RBI Top Brass to sack officers responsible for the lapse and spoiling the name of Great Institution whom the public believe more than the Government.
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