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Home / National News / DA to report Gupta’s Bank of Baroda accounts to Indian Reserve Bank
DA MP Natasha Mazzone. PIC Twitter,

DA to report Gupta’s Bank of Baroda accounts to Indian Reserve Bank

The Democratic Alliance says it will 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.

DA Shadow Minister of Public Enterprises Natasha Mazzone said in a statement on Sunday her party believed the Gupta family could be using the bank’s [Bank of Baroda] to funnel tax payer’s money out of the country.

Mazzone said section 36 states that the Reserve Bank of India has the power to caution or prohibit banking companies or any banking institutions in particular, Bank of Baroda against entering into any particular transaction.

“The 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 Gupta companies, is enough reason for the bankI to prohibit any further transactions between Baroda and the Guptas,” said Mazzone

Mazzone said the Guptas were at the centre of State Capture and have allegedly used their close ties to President Jacob Zuma to raid state coffers for their own personal financial benefit.

“The DA will, therefore, request that the Reserve Bank of India urgently prohibit the Bank of Baroda from entering into any further transactions with the Guptas, as the money the family is transferring into their  accounts was possibly obtained through illegal means,” added Mazzone.

 

 

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