Saturday, July 24, 2010

RBI may use CIC ruling

CIC Satyananda Mishra ghas ruled that banks will have to henceforth provide information about all the details of their loans write off. The CIC said "the decision to write off a loan, obviously at the cost of the bank itself needs to be taken in an objective and transparent manner and so such information should be, as far as possible, in public domain." Though the ruling right now affects only public sector banks as RTI Act applies only to them, the principle enunciated in it may well be used by Reserve Bank of India to make even private banks part with the data as customers' money is involved.

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