Deccan
Chronicle: Mumbai: Tuesday, May 28, 2019.
The
Central Information Commission (CIC) has directed the RBI to disclose the list
of big loan defaulters it had sent to various banks for resolution.
The
CIC's directive came while deciding on a plea by an RTI activist, who had based
the Right to Information application on media reports that RBI Deputy Governor
Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters
had been sent to banks for resolution.
“The
IAC (internal advisory committee) has recommended that the Reserve Bank of
India should initially focus on stressed assets which are large, material and
aged, in that they have eluded a viable resolution plan despite being
classified as NPAs (non-performing assets) for a significant amount of time,”
Acharya had said.
The
RBI had accordingly directed banks to file insolvency applications against 12
large accounts comprising about 25 per cent of the total NPAs, he had said.
"The
Reserve Bank has now advised the banks to resolve some of the other accounts by
December 2017; if the banks fail to put in place a viable resolution plan
within the timelines, these cases also will be referred for resolution under
the IBC (Insolvency and Bankruptcy Code)," Acharya had said.
In
her RTI application, Nutan Thakur wanted to know from the RBI the list of loan
defaulters that was referred to in the lecture and the records of note sheets
and correspondence regarding these accounts.
The
RBI had refused to provide the details to her by calling them
"confidential information", following which she approached the CIC.
"The
CPIO (chief public information officer) denied the information under section 8
(1) (d) (commercial confidence) of RTI Act whereas the first appellate
authority held that the exemption under section 8 (1) (d) does not apply to the
case and but falls under section 45C and E of the RBI Act as per which the
credit information submitted by all banks … shall be treated
confidential," Information Commissioner Suresh Chandra noted.
The
RTI Act provides for a two-stage dispute resolution process.
A
CPIO receives and responds to the application. His decision to deny or provide
partial information is first challenged before a senior officer within the
organisation called the first appellate authority.
If
the applicant is still unsatisfied, a second appeal can be filed before the
CIC.
During
the hearing before the commission this month, the RBI had said that on
September 16, 2017, the date of filing of the RTI application, the information
was not provided due to pending resolution and the list of defaulters had not
been finalised, but now it can provide the information.
On
the issue of note sheets and correspondence, the central bank said it not only
pertains to the list of willful defaulters but also the burrowers suffering
economic distress.
In
his order, Chandra said he agrees with the RBI that the information related to
note sheets and correspondence is voluminous and may also include additional
information that is not sought in the RTI application.
He
said the disclosure of entire files may also reveal the names of the borrowers
which are not included in the list of willful defaulters.
"However,
the respondent (RBI) is directed to provide information and documents
pertaining to point nos. 1 and 2 of the RTI application (related to list of
defaulters) to the appellant," Chandra said.
.JPG)
.JPG)
