CIC raps RBI Governor over defaulters’ list

The Central Information Commission (CIC) has issued a showcause notice to RBI Governor Urjit Patel for “dishonouring” a Supreme Court judgment on disclosure of the wilful defaulters’ list.

The CIC has also asked the Prime Minister’s Office, the Finance Ministry and the RBI to make public the letter of former RBI Governor Raghuram Rajan on bad loans.

Irked over the denial of information on disclosure of names of wilful defaulters who have taken bank loans of Rs 50 crore and above by the RBI in spite of a Supreme Court order, the CIC has asked Patel to explain why a maximum penalty should not be imposed on him for “dishonouring” the court verdict, which had upheld a decision taken by then information commissioner Shailesh Gandhi, calling for disclosure of names of wilful defaulters.

Patel, speaking at the CVC on September 20, had said the guidelines on vigilance, issued by the CVC, were aimed at achieving greater transparency, promoting a culture of honesty and probity in public life and improving the overall vigilance administration in the organisations within its purview, the CIC pointed out.

“The commission directs him to show cause why a maximum penalty should not be imposed on him for these reasons,before November 16,” Acharyulu said. “The RBI shall disclose details of defaulters worth more than Rs 1,000 crore at the beginning, of Rs 500 crore or less at a later stage within five days and collect information from the banks to update their voluntary disclosures as a practice under section 4(1)(b) of the RTI Act,” he added.