The Democratic Alliance says it plans to write to the Governor of the Reserve Bank of India (RBI)‚ Urjit Patel‚ in terms of Section 36 of the Banking Regulation Act of India to report the Guptas’ accounts with the Bank of Baroda. Section 36 states that the Reserve Bank of India has the power to "caution or prohibit banking companies or any banking company in particular against entering into any particular transaction"‚ the DA says. DA spokesperson Natasha Mazzone said on Sunday that recent evidence produced at Parliament’s Inquiry into State Capture at State-Owned Entities‚ findings in the Public Protector’s "State of Capture" Report‚ and the Bank of Baroda’s own attempts to close the Guptas’ accounts‚ after citing the reputational risk of being associated with the Guptas’ companies‚ is enough reason for the RBI to prohibit any further transactions between Baroda and the Guptas. ''The DA is of the belief that the Gupta family could be using their accounts with the Bank of Baroda to ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.