RBI refuses to disclose list of defaulters

The Reserve Bank of India has refused to disclose the list of defaulter’s loans with public sector banks. This despite an order of the Supreme Court in 2015 to make the defaulter list public.

The case pertains to an RTI application filed by activist Subhash Agrawal, who has asked for the list of people who had defaulted in repayment of loans of Rs one crore and above.

RBI denied the information citing economic interests, commercial confidence and information held in fiduciary capacity. RBI also mentioned the provisions of Section 45-E of the RBI Act, 1934 which prohibits disclosure of credit information.

On December 31, 2016, the gross non-performing assets of public sector banks were Rs 6.06 lakh crore, according to the government.

RBI is reluctant to provide the information to Agrawal, who referred the matter to the CIC. The SC had observed in 2015 that the RBI is duty bound to comply with the provisions of the RTI Act and its argument that the disclosure will harm the economic interests was totally misconceived.