The Madras High Court today said the RBI cannot wash off its hand of the responsibility of regulating interest rates charged by non-banking financial companies (NBFCs). Quashing a RBI communication, The Madurai Bench of the High Court asked the apex bank to look into the matter in terms of Fair Practice Code as well as circulars issued by it. A division bench comprising Chief Justice Sanjay Kishan Kaul and Justice V.Dhanapalan made the observations while disposing of a PIL seeking a direction to quash the May 3, 2012 Reserve Bank of India communication which stated that it was not regulating the rate of interest being collected by NBFCs.