SC declines urgent hearing on plea alleging Centre's interference in RBI's functioning

The Supreme Court Tuesday refused to accord urgent hearing on a petition alleging interference by the Centre in the functioning of the Reserve Bank of India (RBI).

A bench comprising Chief Justice Ranjan Gogoi and Justices S K Kaul and K M Joseph said the issue mentioned in the petition did not require an urgent hearing and it will come in "due course".

"We will see to it," the bench said when lawyer M L Sharma, who has filed the PIL in personal capacity, sought the urgent hearing.

The PIL sought the court should declare that the Centre has no "legal right" to issue any direction to the federal bank.

It also sought a direction to the Ministry of Finance that the consultation given by the central bank's Governor under the RBI Act was binding on the Centre and the President of India.

It further sought a direction to the ministry, RBI and the State Bank of India "to recover the debts, along with the interest, from the corporate debtors/resolution applicant (acquirers) to protect public money in the interest of Justice."