Supreme Court Refuses to Entertain PIL on Fraudulent Loan Transactions, Directs Petitioner to Approach RBI

The Supreme Court has dismissed a PIL seeking a probe into alleged fraudulent loan transfers and the formation of an expert committee to regulate such transactions.

During the hearing, the petitioner's counsel submitted, "People are given personal loans which go much over their income, the EMIs go much over their income...".

During the July 14 hearing, the petitioner withdrew the plea and was directed to approach the Reserve Bank of India (RBI) for appropriate relief.

The Court emphasised that matters related to lending norms and financial transactions fall within the RBI's regulatory purview, not judicial forums. (Usteen Barwa V UOI & Ors)