Times of India: New Delhi: Wednesday, 03 August 2022.
The Reserve Bank of India on Tuesday expressed "grave concern" over disclosure of banking inspection reports through RTI and told the Supreme Court that such revelations could run counter to the confidentiality clause attached to bank details of individuals and industries and adversely impact the economy.
Opposing the banks and RBI, advocate Prashant Bhushan told a bench of Justices B R Gavai and P S Narasimha that the SC in 2015 had given a clear mandate that the RBI must disclose the banking inspection reports to enable public know how it created bad debts and NPAs.
The banks, an overwhelming majority of whom were not a party to the case, attempted to review the judgment by filing applications for clarification. The SC again rejected the applications. "Without filing a review petition, they have now come with writ petitions on the same issue. The Supreme Court has ruled several times that a writ petition against a judgment is not maintainable," Bhushan said.
But, the banking regulator through senior advocate Jaideep Gupta told the bench that the RBI is supporting the pleas of the banks. "The issue is of grave concern to the RBI. As many as seven statutes mandate the banks to maintain confidentiality of banking details pertaining to their customers. But this appears to be overridden by the requirement under RTI," Gupta said.
Appearing for the banks, senior advocate K V Vishwanathan said the banking inspection reports were to be given to the Centre but the petitioner wants it to be put in public domain, which would make available business plans of industries to their rivals as everything could be gauged from banking inspection reports.
The Reserve Bank of India on Tuesday expressed "grave concern" over disclosure of banking inspection reports through RTI and told the Supreme Court that such revelations could run counter to the confidentiality clause attached to bank details of individuals and industries and adversely impact the economy.
Opposing the banks and RBI, advocate Prashant Bhushan told a bench of Justices B R Gavai and P S Narasimha that the SC in 2015 had given a clear mandate that the RBI must disclose the banking inspection reports to enable public know how it created bad debts and NPAs.
The banks, an overwhelming majority of whom were not a party to the case, attempted to review the judgment by filing applications for clarification. The SC again rejected the applications. "Without filing a review petition, they have now come with writ petitions on the same issue. The Supreme Court has ruled several times that a writ petition against a judgment is not maintainable," Bhushan said.
But, the banking regulator through senior advocate Jaideep Gupta told the bench that the RBI is supporting the pleas of the banks. "The issue is of grave concern to the RBI. As many as seven statutes mandate the banks to maintain confidentiality of banking details pertaining to their customers. But this appears to be overridden by the requirement under RTI," Gupta said.
Appearing for the banks, senior advocate K V Vishwanathan said the banking inspection reports were to be given to the Centre but the petitioner wants it to be put in public domain, which would make available business plans of industries to their rivals as everything could be gauged from banking inspection reports.
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