Home / Business and Economy / Banks vs. RBI: RTI Battle for Secrecy Heats Up
Banks vs. RBI: RTI Battle for Secrecy Heats Up
11 Jan
Summary
- Four banks appealed to CIC against RBI's disclosure order.
- Banks cite commercial harm from revealing NPA, penalties.
- CIC referred cases to a larger bench, staying disclosures.
Four prominent banks—Bank of Baroda, RBL Bank, Yes Bank, and State Bank of India—have lodged appeals with the Central Information Commission (CIC). They are challenging the Reserve Bank of India's (RBI) stance that sensitive banking records, including lists of defaulters and non-performing assets (NPAs), are disclosable under the Right to Information (RTI) Act. The banks argue that revealing such information could adversely affect their commercial interests and competitive standing.
The appeals stem from RTI applications seeking details such as top NPAs, inspection reports, and penalty-related documents. The RBI, however, contends that these records are liable for disclosure, citing Supreme Court judgments. The CIC, acknowledging the complexity and the referral of similar matters to larger benches, has placed a stay on disclosures until final decisions are rendered.
This ongoing dispute is poised to significantly impact banking transparency and regulatory accountability. The outcome will shape the extent to which financial institutions must reveal information concerning NPAs, penalties, and supervisory lapses under public scrutiny.
