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SC turns down Subramanian Swamy’s plea for guidelines for NPAs

Prime News, National (New Delhi), Oct 7:- The Supreme Court on Thursday declined to entertain a plea by MP Subramanian Swamy seeking framing of guidelines to deal with the menace of NPA in the banking sector, saying, “It is the duty of the legislature” and a policy matter, which should be decided by the government and RBI.

However, the top court allowed Swamy to make a representation before the RBI.

A bench headed by Justice D.Y. Chandrachud and comprising Justices Vikram Nath and B.V. Nagarathna told Swamy, who argued in-person, “How do we frame guidelines so that non-performing assets (NPAs) do not occur? It’s for the legislature”.

Swamy contended that his plea deals with cases and methods by which a large number of NPAs do not occur again and added that this will be beneficial for everybody. He added that the court can set up a committee in the matter, and insisted “we can make out a case.”

Justice Nath said the RBI and finance ministry have been issuing guidelines, and policies are framed so that NPAs do not occur. (MR, Inputs: Agencies).

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