Supreme Court gives RBI ‘last chance’ to alter disclosure policy

9 min read
  1. The Supreme Court has directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks and other material under the Right to Information (RTI) Act unless they are exempted under the law.
  2. The Supreme Court was hearing contempt petitions filed against the RBI for not complying with the 2015 judgment.The 2015 judgment had rejected the RBI’s argument that it could refuse information sought under the RTI on the grounds of economic interest,commercial confidence, fiduciary relationship or public interest.
  3. The apex court had said that lower-level economic and financial information like contracts and departmental budgets should not be withheld under the exemption under RTI act.However,the apex court did not go ahead with contempt proceedings against the RBI for not complying with its order but said that it was giving RBI last opportunity to comply with the order.
  4. The petitioners had sought details pertaining to the RBI’s annual inspection reports of ICICI Bank,AXIS Bank,HDFC Bank and State Bank of India.Further,Information relating to the Sahara Group of Companies and Bank of Rajasthan was also sought from the RBI.
  5. The RBI had not provided information in view of the exemption from disclosure under Section 8(1)(a) and (b) of the RTI Act.RBI had said that the disclosure was not in the economic interest of the country and would adversely affect the competitive position of a third party

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