Insight Online News
New Delhi, Oct 7 : The Supreme Court on Thursday refused to entertain a petition filed by a BJP MP seeking a direction for framing guidelines to prevent accumulation of non-performing assets (NPA) in the banking sector.
However, the court asked the petitioner Dr Subramanian Swamy to make a representation to the Reserve Bank of India (RBI) with regard to his plea.
The observations were made by a three-judge bench comprising justices D Y Chandrachud, Vikram Nath and Hima Kohli.
“This is a matter of policy decision of the Government of India. We can’t pass any order or guideline on your petition. We are sorry. But you can give your representation to RBI,” the bench said.
Swamy submitted that the matter arose after the court’s observations on this issue.
The BJP MP said his plea is aimed at preventing accumulation of NPAs. “This will be beneficial for everybody,” he said.
To this, the court told Swamy that it could not frame guidelines since the matter is for the legislature to decide.
The Union Finance Ministry and RBI have been issuing guidelines, it pointed out.
“There is no need for us to interfere at all on this issue,” the bench added.