Financial Express: New Delhi: Thursday, August 30, 2018.
The action taken against wilful
defaulters of banks loans of above Rs 50 crore should be made public by the
Finance Ministry, Ministry for Statistics and Program Implementation and RBI,
the CIC has said. The Information Commissioner Sridhar Acharyulu pointed out
that the defaulters of small amounts like farmers are defamed in public, while
the defaulters above Rs 50 crore were given long rope. The defaulters above Rs
50 crore were given high concessions in the name of one time settlements,
interest waivers, several other privileges and their names are hidden from
exposure to secure their reputation, he said.
In a terse order, the Commission noted
that over 30,000 farmers have committed suicide between 1998 and 2018 as they
could not live in shame of not being able to repay their loans. “They lived by
and died in the agricultural fields believing in mother earth, but did not
leave mother land like 7000 rich, educated corporate industrialists who cheated
the nation by evading thousands of crores,” Acharyulu said.
The proactive disclosure clause of the
RTI Act Section 4(1)(c) makes it mandatory for all government departments to
publish all relevant facts while formulating important policies or announcing
the decisions which affect public, while 4(1)(d) asks them to provide reasons
for their administrative or quasi-judicial decisions to affected persons, he
said in the order.
Acharyulu said the Finance Ministry,
Ministry for Statistics and Programme Implementation and RBI have a “duty” to
inform people from time to time their policy in dealing with the willful
defaulters of Rs 50 crore and above, how do they want to deal with them and save
the public money and economy of our nation.
The contention of the RBI is that as
the regulator and supervisor of the banking system, it has discretion in the
disclosure of such information in public interest and cites clauses of section
8(1) to deny information, he said. “Supreme Court rejected all the contentions
of the RBI and directed them to honour all the CIC orders of disclosure without
interfering with those orders and dismissing the appeal of the RBI.
In the wake of this order of Supreme
Court, the RBI has no other alternative to disclosure of the information
sought,” he said. When the RBI has authorised banks to prepare the list of
willful defaulters of Rs 25 lakh, and after ensuring no genuine loan-takers’
name is published in the list of willful defaulters, why not ensure publication
of the details of willful defaulters of Rs 50 crore and above as sought by this
appellant to fulfil the right to information of the citizens, Acharyulu pointed
out.
He directed the ministries and the RBI
to provide the information about action taken against wilful defaulters of Rs
50 crore and above, reasons for the failure in their efforts, criminal actions
initiated, or reasons for not initiating criminal actions. “…if they cannot
submit any part of that information, they may chose to explain why should they
not be directed to publish the details of the information sought including the
names of willful defaulters, before September 20, 2018,” he said.