Extending RTI Act to public sector banks involves systemic risk - M.R.Umarji

.....Public sector banks established under an Act of Parliament are owned and controlled by the central government, but carry on this business of banking by raising deposits from the public. They are not dependent on any budgetary allocations for their businesses. Although these banks collect public deposits, they are accountable to the RBI and not to the public for prudent use of such deposits. Ordinary citizens seeking any information from these public sector banks are incapable of making any assessment on whether the banks are utilising the public deposits prudently and hence the basic objective of the RTI Act to make public authorities accountable to the public for use of public funds is not applicable to public sector banks. .......

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