The Reserve Bank of India (RBI) has been criticised by the Central Information Commission (CIC) for its “anti-RTI (Right to Information) policy” and has asked the former to disclose its list of wilful defaulters within 45 days, as per Supreme Court's judgement in 2015, Economic Times has reported.
The CIC has issued a show cause notice to the Governor of RBI, Urjit Patel asking for an explanation regarding non-disclosure of the names of wilful defaulters. The body has asked RBI to respond by 26 November. The Information Commissioner Sridhar Acharyulu had earlier issued a notice on 2 November.
Citing the farmer's suicides to lambast the RBI over its secrecy, the IC said, “When farmers die of shame in recovering a small loan from banks while writing off lakhs and crores of rupees to clear their balance sheets, why do banks think that it is their legitimate duty not to shame the wilful defaulters by exposing their names? It is an absurd and irresponsible argument built, reflecting anti-farmer and pro-rich bias by the bankers.”
Acharyulu adjourned the matter in an explicitly drafted order. The case will now be transferred to the Information Commissioner (IC) Sudhir Bhargava, who is tipped to take over as the Chief Information Commissioner succeeding RK Mathur.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.