News By/Courtesy: PUBALI DUTTA | 07 Nov 2018 0:24am IST

HIGHLIGHTS

  • In respect of an RTI raised by Sandeep Singh Jadoun
  • The Commission has also asked on 2nd November, 2018 the Prime Minister’s office as well as the office of the Finance Minister to explain the action taken on the ‘alerting letter’
  • Now the ball is in the court of the RB

In respect of an RTI raised by Sandeep Singh Jadoun in an appeal who had sought details about willful defaulters, Central Information Commissioner Sridhar Acharyalu observed that : “The Commission finds no merit in hiding the names of, details and action against willful defaulters of big bad loans worth hundreds of crores of rupees”.

The Central Information Commission has issued a show cause notice to RBI governor Urjit Patel for non-disclosure of the names and details of action taken against willful defaulters of big bad loans worth hundreds of crores of rupees and dishonouring the judgement of the Supreme Court.

The Commission has also asked on 2nd November, 2018 the Prime Minister’s office as well as the office of the Finance Minister to explain the action taken on the ‘alerting letter’ dated 5th February 2015 written by the former Governor of RBI Raghuram Rajan, before 16th November, 2018.

The CIC seeks from the RBI to disclose the bad debt details of defaulters worth more than 1000 crore at the beginning, of Rs 500 crore or less and also asked why a maximum penalty should not be imposed on Patel for dishonouring the verdict and the RBI should collect such information within 5 days from the banks in due course to update their voluntary disclosures from time to time as a practice under Section 4(1)(b) of RTI Act.”

The Information Commissioner Shailesh Gandhi said in the concerned case which were upheld by the Supreme Court dismissing the RBI’s appeal that “The Commission finds no merit in hiding the names of, details and action against wilful defaulters of big loans worth hundreds of crores of rupees”.

The Commission further said: “If the banking regulatory like RBI will not honour the Constitutional Institutions directions, what will be the effect of Constitution on securing Rule of Law? The Commission recommends the RBI governor to remember once, at least one of the 3 lakh farmer dying in the field as he failed to sustain his crop or to sell his produce for appropriate price and hence could not pay of the debt before defying the transparency law and directions and discontinue the non-disclosure policy which will seriously harm of the economy of this nation, immediately.”

Now the ball is in the court of the RBI and it is to be looked into that whether the RBI shall comply with the order on 16th November, 2018.

Section Editor: UTKARSH JAISWAL | 07 Nov 2018 0:58am IST


Tags : #CIC Issues Show Cause Notice To RBI Governor

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