"Prime Minister Narendra Modi should look into this matter and act on it strictly," he added.
Alvi also claimed that he has enough details on the allegations he was levelling against the banks.
"I have the details and I would be sending them to the Prime Minister Modi in written. Strict action should be taken against them and the licenses of private banks should be cancelled," he added.
The Central Bureau of Investigation (+CBI) had earlier raided the Bank of Baroda's branch here to investigate the irregularities in forex transactions.
The bank had yesterday suspended two senior officials and initiated an investigation to verify if its internal systems were tampered with, which led to the forex scam.