RBI should be more transparent

This is with reference to the article "RBI should give up its contempt for RTI".

After the apex court's instructions now the RBI has got no reasons left to hide the information sought after by an RTI activist to supply the inspection reports, appraisals, defaulters list, penalty notes in dealing with the big corporate ticket loans which became defaults and were classified as NPAs.

After all the RTI and RBI have been asking the information regarding the wilful defaulters only and not others. The information is ought to be known to the public because the banks are doing business with maximum contribution of funds through public deposits.

The RBI's double tongue policy publicising the names of the poor farmers who are prompt in repayment provided the harvest is good' could not pay because of natural calamities and wants to guard wilful defaulters against the Supreme Court clear instructions.

Further the court held that RBI is accountable to the public and can not withhold information under the defence of trust with the financial institutions.

If the RBI does not withdraw its anti- transparency policy again it is likely to face the ire of the people and the court. It has also to explain why it wants to screen big loan defaulters and banks that breach norms.

TSN Rao, Bhimavaram