He has said that an Internal Working Group (IWG) was constituted by RBI on June 12 2020 to review the extant guidelines on ownership and corporate structure for Indian private sector Banks.
Report of this was submitted to RBI which published as a press release on 26th November 2021 accepting 21 recommendations out of 33 made by IWG. Remaining recommendations apart from 21 are under consideration, the plea stated.
The plea has argued that these recommendations provide unbridled power to private promoters especially the corporate houses to play with depositors’ money by way of controlling the bank as the regulatory mechanism is on papers by RBI & not on execution platform.
“Using these recommendations Indusind bank promoters hinduja Brothers who are already possessive of criminal track record want to increase stake in Indusind Bank to 26% by which they will launder huge amounts of public money. Already hinduja brothers banking license was cancelled in foreign countries, also Indusind bank in itself is not free from fiascos,” it was submitted.
Source: Barandbench
