welcome judgement by Hon. Supreme Court of India on applicability of RTI to Banks and Banking regulator
Dear Friends,
It is really very heartening to note the observations of Hon. Supreme Court with regard to the secrecy being maintained by banks and regulator on the defaulting and Fraudulent borrowers. Today Banks are in a very bad shape the basic reason is this secrecy around the massive misuse /looting of public money by corporate/banker connivance or corporates bullying poor bank officials .
Why public should not know the names of those who have taken the public money for running their business ? Good or Bad , let public be aware. Same way NPAs , Bad debts , write off all this should be available in the public domain. Banks must be mandated to disclose the same.
If some customers have not collected the money and is lying in inoperative accounts /unclaimed , banks are required to publish full details in the web site and also they cannot use these funds and pay if claim comes. Government wants to enjoy that money in the name of customer protection fund etc.
But banks are prohibited from publishing the names of defaulters, is really ridiculous.
Definitely RBI under dynamic leader Dr. Raghuram Rajan is aware of this and welcomes this judgement and will not appeal against .
These defaulting borrowers fight court cases for decades using best of the legal brains because they have large amount of public money lent by banks with them and they can legitimately use this for paying the lawyers and winning the cases. At least let the public be aware of the true colour of such corporates.
RBI inspection reports must be available for public access , the rating assigned by RBI to banks also must be known to the public to judge the soundness of the banks.
I am sure , the judgement of Hon. Supreme court will go a long way in bringing transparency in the functioning of banks as well as Regulator and also aids the bank in recovery of NPAs. RTI must be applicable to every public organization including banks and RBI.
Best Regards,
Sathya
It is really very heartening to note the observations of Hon. Supreme Court with regard to the secrecy being maintained by banks and regulator on the defaulting and Fraudulent borrowers. Today Banks are in a very bad shape the basic reason is this secrecy around the massive misuse /looting of public money by corporate/banker connivance or corporates bullying poor bank officials .
Why public should not know the names of those who have taken the public money for running their business ? Good or Bad , let public be aware. Same way NPAs , Bad debts , write off all this should be available in the public domain. Banks must be mandated to disclose the same.
If some customers have not collected the money and is lying in inoperative accounts /unclaimed , banks are required to publish full details in the web site and also they cannot use these funds and pay if claim comes. Government wants to enjoy that money in the name of customer protection fund etc.
But banks are prohibited from publishing the names of defaulters, is really ridiculous.
Definitely RBI under dynamic leader Dr. Raghuram Rajan is aware of this and welcomes this judgement and will not appeal against .
These defaulting borrowers fight court cases for decades using best of the legal brains because they have large amount of public money lent by banks with them and they can legitimately use this for paying the lawyers and winning the cases. At least let the public be aware of the true colour of such corporates.
RBI inspection reports must be available for public access , the rating assigned by RBI to banks also must be known to the public to judge the soundness of the banks.
I am sure , the judgement of Hon. Supreme court will go a long way in bringing transparency in the functioning of banks as well as Regulator and also aids the bank in recovery of NPAs. RTI must be applicable to every public organization including banks and RBI.
Best Regards,
Sathya
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