RBI has no defaulters’ list! Central bank says compiling it will divert resources

RBI has no defaulters’ list! Central bank says compiling it will divert resources: BusinessLine had sought data for the Dec 31 to March 19 period via an RTI query...



PLAIN ATROCIOUS!*

Apropos "Central bank says compiling it will divert resources” (The Hindu Business Line, April 14). The caption and the insinuations in the report are wild and atrocious. RBI is not expected to keep a defaulters’ list of thebanks/financial institutions it regulates. Do not ask me to go back to the Supreme Court order asking the central bank to submit a list of a particular class of wilful bank defaulters in a particular manner by a particular date. That is a matter before the Apex Court and let us allow the court to do its duty. Let us not talk and act on behalf of judiciary.
Not just RBI, it is impossible for CAG to keep track of defaulters to central and state government departments and statutory bodies audited, for SEBI to compile on an ongoing basis list of companies which are not collecting their dues promptly or for that
matter for any regulator/supervisor to do book-keeping for other organisations.
RTI Act doesn’t expect such compilation of data.
Banking, like equity markets is sensitive to violation of trust and as Usha Thorat indirectly mentioned, let us not destroy an institutional system which is still working
well in India.

M G Warrier, Mumbai
*Response published in HBL on April 15, 2016. The text here is the submitted version.

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