Swamy also said RBI has issued guidelines for licensing and operation of asset reconstruction companies, which must be followed by the latter. In some cases, partnerships between asset reconstruction companies and banks may require approval from both RBI and Securities and Exchange Board of India, he said in his application. In March, Swamy had filed a PIL n alleging that the transactions involving the transfer of the distressed asset portfolio lacked fairness, attempts to evade relevant laws, and did not serve the best interests of the public who have accounts with YES Bank.
