Lawstreet Journal

CIC Stays RBI Order Directing Bank to Disclose RTI Information on NPAs and Top Defaulters [READ ORDER]

Lawstreet Journal 9 Jul 2021 10:50pm

Image courtesy: Lawstreet Journal Judiciary CIC Stays RBI Order Directing Bank to Disclose RTI Information on NPAs and Top Defaulters [READ ORDER]

The Central Information Commission (CIC) has stayed the order of the Reserve Bank of India's (RBI) First Appellate Authority (FAA) directing the disclosure of information on Saraswat Co-operative Bank Limited's non-performing assets (NPAs) and top defaulters. CIC Suresh Chandra issued the order in response to Saraswat Bank's appeal of the RBI directive.

The RBI's FAA issued the directive to the bank in response to an RTI application filed by former Commissioner Shailesh Gandhi, who requested information on Saraswat Co-operative Bank Ltd for the previous three years.

The application requested copies of the RBI's audit and inspection reports, warnings or advisories issued to the bank, fines or penalties imposed on the bank, the grade assigned to the bank, its total non-performing assets, the report on the quality of borrowers, and a list of its top five defaulters with amounts owed.

The information sought was ordered to be released by the First Appellate Authority. Saraswat Co-operative Bank Limited, on the other hand, preferred an appeal before the Second Appellate Authority, citing confidentiality. They stated,

"Irreparable damage and enormous loss will be caused to the Appellant if the information, which is confidential in nature is disclosed."

The CIC then ordered, based on the facts and circumstances of the case,

The appellant has requested an interim order preventing the CPIO/FAA from disclosing the information requested in the RTI application. According to the prayer, the second appeal is granted, and due to the urgency, the operation of the FAA's order dated 15.2.2021, as mentioned… Continue Reading...

Tagged: Reserve Bank of India  
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