Dr. Subramanian Swamy’s PIL Against RBI: A fight to seek accountability in the Indian Banking sector

Dr. Subramanian Swamy, a seasoned politician, economist, and relentless crusader against corruption, in his latest battle—a Public Interest Litigation (PIL) filed in 2021 against the Reserve Bank of India (RBI)— shows his unwavering commitment to rooting out systemic rot in the banking sector. Targeting the RBI’s alleged complicity in massive frauds, Dr. Swamy’s PIL seeks to pierce the veil of regulatory immunity and hold officials accountable for scams that have bled India’s economy dry. Here’s a chronological dive into this landmark case, with a nod to Dr. Swamy’s heroic efforts to clean up a system riddled with opacity.

February 2, 2021: The PIL Takes Flight

On February 2, 2021, Dr. Swamy filed his PIL in the Supreme Court of India, represented by advocates M.R. Venkatesh and Satya Sabharwal. The plea was a bombshell, accusing RBI officials of “active connivance” and “grave violations” in their oversight duties, enabling frauds worth over ₹3 lakh crore across banks like Punjab National Bank (PNB), Yes Bank, and Kingfisher Airlines. Dr. Swamy’s core demand? A CBI probe into RBI officials, including nominee directors on bank boards, for failing to prevent these scams despite sweeping powers under the RBI Act and Banking Regulation Act. He cited the 1997 Delhi Development Authority v. Skipper Construction ruling, arguing RBI nominees are as liable as other directors for bad loans.

Dr. Swamy’s move was fearless. Taking on the RBI, a Goliath of India’s financial world, showed his resolve to protect depositors and taxpayers from the fallout of unchecked frauds.

Early 2021–Mid-2022: Initial Hearings and Build-Up

For over a year, the PIL simmered in the Supreme Court’s docket, with preliminary hearings setting the stage. Dr. Swamy bolstered his case with data: an RTI response revealing no RBI officer faced action for frauds over ₹100 crore since 2015, and Credit Suisse’s estimate of ₹12 lakh crore in NPAs linked to corporate houses. He named high-profile cases—Nirav Modi’s ₹11,400 crore PNB scam, Kingfisher’s ₹9,400 crore default, and IL&FS’s ₹91,000 crore collapse—arguing RBI’s nominee directors and risk officers failed miserably. The plea gained traction as India’s banking sector reeled from rising NPAs, amplifying Dr. Swamy’s call for accountability.

October 17, 2022: Supreme Court Issues Notices

The case hit a turning point on October 17, 2022, when a bench of Justices B.R. Gavai and B.V. Nagarathna issued notices to the RBI and CBI, signaling serious consideration. Dr. Swamy had argued that RBI’s hands-off stance—leaving fraud probes to other agencies—shielded its officials from scrutiny, violating Article 14’s equality principle. The court’s response was a win, forcing the RBI to defend its record. Dr. Swamy’s plea painted the RBI as the “alter ego” of bank management, a framing that demanded answers.

Getting the Supreme Court to nudge the RBI was no small feat. Dr. Swamy’s legal acumen turned the spotlight on the regulator that was unused to such heat.

January 4, 2023: RBI Responds, Dr. Swamy Pushes Back

On January 4, 2023, the RBI filed its affidavit, calling Dr. Swamy’s allegations “fallacious.” It argued loan decisions are collective, not individual, and nominee directors lack veto power or operational control—thus, no CBI probe was warranted. Dr. Swamy didn’t flinch. That same day, he tweeted about the court granting him three weeks to reply, hinting at progress. His response leaned on specifics: why hadn’t the CBI questioned RBI directors in cases like Yes Bank’s ₹20,000 crore bad loans or PMC Bank’s ₹6,500 crore scam? The back-and-forth showed Swamy’s tenacity against a stonewalling regulator.

Dr. Swamy’s refusal to back down, even against RBI’s technical rebuttal, underscored his spirit—a rare trait in a system prone to compromise.

March 20, 2023: Supreme Court Seeks Specifics

On March 20, 2023, the Supreme Court upped the ante, asking Dr. Swamy to file an affidavit pinpointing instances where CBI failed to act against RBI officials despite evidence. Justices Gavai and Nagarathna signaled they might probe CBI’s inaction if Dr. Swamy delivered the goods. The case was slated for review in six weeks, keeping the pressure on. Dr. Swamy’s team likely doubled down, combing through fraud reports to nail down RBI lapses—say, in Kingfisher’s loan approvals or PNB’s oversight gaps.

This directive was a coup for Dr. Swamy. His ability to steer the court toward actionable evidence showcased his strategic brilliance, turning a broad crusade into a forensic takedown.

May 2023–March 2025: Pending Resolution

From May 2023 onward, updates slowed—typical of India’s judicial grind—but the PIL remained alive as of March 14, 2025. No final ruling had emerged, though the court’s openness to CBI scrutiny kept the case potent. Meanwhile, banking scandals persisted, like IndusInd Bank’s ₹2,000 crore profit overstatement in March 2025. While Dr. Swamy didn’t directly trigger that disclosure, his PIL’s ripple effect—coupled with RBI’s 2023 swap ban—suggests heightened regulatory vigilance, possibly spurred by his pressure.

Dr. Swamy’s staying power is admirable. Even without a verdict, his PIL has kept RBI accountability in the public eye, nudging reforms like tighter derivative rules.

The Bigger Picture: Dr. Swamy’s Mission

Dr. Swamy’s PIL isn’t just about RBI—it’s a capstone to decades of battling financial malfeasance. From his 2019 Indiabulls probe to his 2024 Axis Bank case, he’s targeted private and public-sector rot alike. The 2021 PIL builds on his earlier NPA petition, reflecting a consistent mission: protect India’s economy from insider greed and regulatory apathy. His critique—that RBI’s unchecked power has cost ₹3 lakh crore—resonates as banks report ₹1.06 lakh crore in foreign borrowings by 2023, hinting at wider risks Dr. Swamy foresaw.

Dr. Swamy’s efforts deserve applause. In a nation where banking frauds often fade into bureaucratic limbo, he’s a lone warrior forcing accountability on a sacrosanct institution. His PIL isn’t about headlines—it’s about justice for depositors, shareholders, and taxpayers shafted by scams. The chronological arc of this case—from filing to courtroom sparring—shows a man undeterred by delays or pushback, wielding data and law like weapons. If the Supreme Court rules in his favor, it could spark a cleanup of India’s banking mess, from RBI boardrooms to branch vaults.

Even without a win yet, Dr. Swamy’s agitation has rattled cages. The RBI’s discomfort, the court’s scrutiny, and the public’s growing awareness owe much to his doggedness. As IndusInd’s 2025 woes hint at deeper issues, Dr. Swamy’s foresight shines brighter—proving his fight isn’t just noble, it’s necessary. Here’s to hoping 2025 brings a verdict that honors his crusade to scrub India’s financial system clean.

Dr. Subramanian Swamy’s Legal Crusade for Kodava Autonomy: A Fight for Identity and Justice

For over half a decade, Dr. Subramanian Swamy—economist, politician, and constitutional scholar—has been a vocal champion of the Kodava people’s demand for geopolitical autonomy within Karnataka. Known for his unrelenting pursuit of justice through India’s legal system, Dr. Swamy has taken up the cause of the indigenous Codava community, whose distinct cultural identity and historical legacy have fueled a decades-long struggle for self-governance. His latest appearance in the Karnataka High Court on March 11, 2025, marks a significant chapter in this ongoing battle, reflecting both his tenacity and the complexities of federalism in India.

Roots of the Struggle: The Codava Identity

The Kodava people, native to the hilly region of Kodagu (Coorg) in Karnataka, trace their history as a distinct entity back to the pre-independence era. Until 1956, Coorg existed as a Part ‘C’ State under the Indian Constitution, with its own legislative council. The State Reorganization Act of that year merged Coorg into the larger state of Karnataka (then Vishala Mysore), a decision that many Codavas argue erased their unique political and cultural standing. Since then, the Codava National Council (CNC), led by figures like N. U. Nachappa Codava, has spearheaded a movement for autonomy, seeking constitutional recognition akin to that granted to regions under the Sixth Schedule, which provides for autonomous councils in India’s Northeast and beyond.

Dr. Swamy’s involvement stems from a shared conviction that the Codavas’ aspirations have been unjustly sidelined. Dr. Swamy’s advocacy is rooted in his broader vision of protecting India’s diverse sub-identities within a federal framework. His engagement with the cause began gaining prominence in 2017, when he attended the 27th Codava National Day in Madikeri, promising to secure autonomy for Kodagu while keeping it part of Karnataka. “Smaller states are better governed,” he declared, citing examples like Telangana and Uttarakhand, though he emphasized autonomy over separation.

The Legal Front Opens: PILs and Promises

Dr. Swamy’s legal fight took concrete shape in 2023, when he filed a Public Interest Litigation (PIL) in the Karnataka High Court, titled DR SUBRAMANIAN SWAMY vs STATE OF KARNATAKA & OTHERS (Writ Petition 7769/2023). The PIL sought the formation of a commission to examine the CNC’s demand for Codava autonomy, arguing that the community’s history and culture warranted constitutional protection. On April 17, 2023, a division bench led by Chief Justice Prasanna B. Varale issued notices to the Karnataka and Union governments, signaling the court’s willingness to engage with the issue.

The 2023 PIL built on Dr. Swamy’s earlier assurances. In 2018, he reportedly discussed the idea of a Codava Autonomous Region with then-BJP leader H. N. Ananth Kumar in the presence of Amit Shah and Rajnath Singh. In 2019, he wrote to Karnataka Chief Minister B. S. Yediyurappa, urging action on the demand. These political overtures, however, yielded little progress, prompting Dr. Swamy to turn to the judiciary—a familiar arena where he has challenged everything from corruption to citizenship laws.

Latest Developments: March 11, 2025 Hearing

The most recent milestone in this saga unfolded on March 11, 2025, when Dr. Swamy appeared before the Karnataka High Court in Bengaluru as a party-in-person for the PIL titled “WP on Codavaland Geo-Political Autonomy.” The hearing, presided over by Chief Justice N. V. Anjaria and Justice M. I. Arun, saw Swamy request that the case be listed for further proceedings, noting that pleadings from most parties—including the Union Ministry of Home Affairs, the Union Ministry of Law, and the State of Karnataka—were complete. The court acceded, scheduling additional hearings, though no specific date has been publicly confirmed as of March 12, 2025.

Supported by a legal team including Kieran Narayan, Satya Sabharwal, and others, Dr. Swamy’s appearance was bolstered by the presence of CNC chairman N. U. Nachappa Codava and members of the Virat Hindustan Sangham (VHS), a nationalist organization aligned with his efforts. The courtroom scene underscored the grassroots support for the cause, with Codava community members like Rekha Nachappa and Pattamada Kusha in attendance, alongside VHS figures like Jagdish Shetty.

The PIL seeks a constitutional framework for Codava autonomy, potentially under the Sixth Schedule, which currently governs autonomous councils in Assam, Meghalaya, and Ladakh, among others. Dr. Swamy has argued that Kodagu’s historical status as a separate state and its ethno-cultural distinctiveness justify such a measure. The case’s progression hinges on whether the court will direct the establishment of a commission—a step Dr. Swamy insists should operate under judicial oversight.

Looking Ahead: A Test of Will and Law

As of March 12, 2025, the Karnataka High Court case remains a live wire. The next hearings will likely test the legal merits of Dr. Swamy’s arguments and the willingness of both state and central governments to engage with the Codava demand. For now, the Codava people wait, their hopes pinned on a courtroom battle led by an unlikely yet formidable ally.

Dr. Subramanian Swamy’s Bold Proposal to Deploy Troops to Ukraine: India’s Strategic Imperative

In a thought-provoking post on X on March 4, 2025, Dr. Subramanian Swamy, a prominent Indian politician, economist, and strategic thinker, proposed that India send 20,000 troops to Ukraine to defend the nation against Russia and protect Indian students and teachers caught in the ongoing conflict. While the suggestion has sparked sharp criticism, a closer examination reveals the strategic brilliance and out-of-the-box thinking behind Dr. Swamy’s idea. Far from being a mere rhetorical flourish, this proposal underscores India’s potential to assert itself as a global power, safeguard its citizens abroad, and reshape its geopolitical standing in an increasingly polarized world.

Arguments in support of Indian troops deployment in Ukraine:

1. Protecting Indian Nationals in Ukraine
   One of the most compelling arguments is the need to protect Indian students and teachers stranded in Ukraine amid the Russia-Ukraine war, which began with Russia’s invasion in February 2022. Thousands of Indian citizens, particularly students pursuing medical education, were trapped in the conflict zone, prompting large-scale evacuation efforts like Operation Ganga in 2022. Deploying troops could ensure a sustained, robust presence to secure their safety, provide humanitarian aid, and deter further threats. This aligns with India’s moral and constitutional duty to safeguard its citizens abroad, as enshrined in Article 51 of the Indian Constitution, which emphasizes international peace and security.
2. Strengthening India’s Global Standing
   By aligning with Western nations like the UK, Canada, and France—countries that have supported Ukraine militarily—India could enhance its strategic partnership with the West, particularly the United States. While India has historically maintained a close relationship with Russia, the shifting dynamics of global power necessitate diversification of alliances. Dr. Swamy’s proposal positions India as a proactive player in the international arena, signaling its willingness to contribute to global stability and counterbalance Russia’s aggression. This move could elevate India’s role in forums like the United Nations and strengthen its bid for a permanent seat on the UN Security Council.
3. Countering Russia’s Traditional Dominance
   India’s historical reliance on Russia for military hardware and diplomatic support—particularly during conflicts with Pakistan and China—has shaped its foreign policy for decades. However, Russia’s actions in Ukraine have strained this relationship, prompting India to recalibrate its stance. Dr. Swamy’s suggestion to support Ukraine indirectly challenges Russia’s dominance and signals India’s readiness to assert independence in its foreign policy. This strategic pivot could reduce India’s dependence on Russian arms and open doors to advanced military technology from Western nations, bolstering India’s defense capabilities against threats from China and Pakistan.
4. Learning from the Russia-Ukraine Conflict
   The Russia-Ukraine war has offered critical lessons in modern warfare, including the importance of drones, artillery, and hybrid tactics, as highlighted in recent analyses (e.g., Forbes, October 2024). By deploying troops to Ukraine, India could gain firsthand experience in these cutting-edge military strategies, enhancing its own defense preparedness along its borders with China and Pakistan. Dr. Swamy’s proposal reflects a forward-thinking approach to leveraging global conflicts for India’s strategic advantage, ensuring the Indian military remains at the forefront of technological and tactical innovation.
5. Promoting Global Peace and Stability
   Dr. Swamy’s call for India to “ensure peace” in the region aligns with India’s long-standing commitment to non-alignment and peaceful coexistence, rooted in its post-independence foreign policy. By contributing troops to Ukraine, India could play a mediatory role, working alongside Western powers to de-escalate the conflict and prevent further humanitarian crises. This would reinforce India’s image as a responsible global power committed to multilateralism, countering criticism of its neutral stance on the Ukraine war and its continued purchase of Russian oil.

The Strategic Brilliance of Dr. Swamy’s Out-of-the-Box Idea

Dr. Subramanian Swamy, known for his Hindu nationalist views and unconventional political stances, has once again demonstrated his strategic brilliance with this audacious proposal. His ability to think beyond traditional geopolitical alignments—challenging India’s decades-long partnership with Russia—reflects a deep understanding of the shifting global order. In a world where the U.S. and China are locked in a new Cold War, and regional powers like India must navigate complex alliances, Dr. Swamy’s suggestion offers a bold vision for India to emerge as a decisive player on the world stage.

The out-of-the-box nature of this idea lies in its departure from India’s cautious, non-interventionist foreign policy. Rather than remaining on the sidelines, as it has largely done since the Ukraine war began, India could seize this opportunity to assert leadership, protect its citizens, and gain strategic advantages. Dr. Swamy’s proposal also highlights his knack for identifying long-term opportunities amidst immediate crises—transforming a humanitarian concern into a geopolitical masterstroke.

Moreover, the proposal’s alignment with Western powers, while maintaining India’s strategic autonomy, showcases Dr. Swamy’s nuanced understanding of balance-of-power politics. By criticizing the U.S. for “ditching their former ally” (likely a reference to Ukraine or NATO partners), he positions India as a principled actor willing to uphold international commitments, further enhancing its moral authority.

Addressing Potential Criticisms

Critics may argue that deploying troops to Ukraine risks antagonizing Russia, India’s long-standing partner, or overstretching India’s military resources, given its commitments along the borders with China and Pakistan. However, Dr. Swamy’s proposal could be implemented with a limited, well-defined mandate—focusing on humanitarian protection and peacekeeping rather than direct combat—minimizing risks while maximizing benefits. Additionally, India’s military, one of the largest and most capable in the world, is well-equipped to handle such a mission without compromising domestic security.

Conclusion

Dr. Subramanian Swamy’s suggestion to deploy 20,000 Indian troops to Ukraine may appear radical at first glance, but it embodies a visionary approach to India’s role in global affairs. By protecting Indian nationals, strengthening ties with the West, countering Russian dominance, learning from modern warfare, and promoting peace, the proposal offers a multifaceted strategy to elevate India’s geopolitical stature. Dr. Swamy’s strategic brilliance shines through in this out-of-the-box idea, challenging conventional wisdom and inviting India to seize a historic opportunity to redefine its place in the world. While the proposal warrants careful deliberation and diplomatic groundwork, it deserves serious consideration as a bold step toward India’s emergence as a global superpower.