Finance

Supreme Court on RBI’s duty to disclose information on banks, upholds its decision of 2015

The Supreme Court dismissed banks’ pleas to “recall” its 2015 judgment that directed the Reserve Bank of India to release their annual inspection reports under the Right To Information Act. In its 2015 judgment, the Supreme Court had said the central bank has a duty to uphold the interest of the public at large, the depositors, the country’s economy and the banking sector. “This court was of the opinion that the RBI has to act with transparency and not hide information that might embarrass the banks and that it is duty-bound to comply with the provisions of the act and disclose the information sought,” the top court said, citing its previous judgment. The apex court clarified that it was not ruling on the correctness of its 2015 judgment and the dismissal would not affect the rights of the applicants to seek other remedies available to them under the law.

Source: BloombergQuint

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button