The Supreme Court on Friday told the Reserve Bank of India to withdraw its disclosure policy and make public the list of defaulters and its annual inspection reports, Bar and Bench reported.
A bench of Justices L Nageswara Rao and MR Shah said it was giving the central bank one last opportunity to comply with its 2015 order on disclosures under the Right to Information Act, ANI reported. Any more violations will result in serious contempt of court proceedings, the judges added.
In the 2015 judgement, according to Live Law, that court had held that the RBI was not in a fiduciary relation with individual banks as it does not hold such information in “trust” with such banks. Withholding such information would be detrimental to the nation’s economic interest of the nation, it had added.
The court was hearing a contempt petition filed by RTI activist Subhash Chandra Agrawal in 2017 through advocates Prashant Bhushan and Pranav Sachdeva. The activist challenged the RBI’s directive to its public information officers to not disclose almost any information, even the kind that the Supreme Court asks to be released.