Coming down heavily on the RBI, the chief information commissioner under the RTI Act, said the idea put forward by the central bank that citizens are not mature enough to understand and will panic and harm their own interests, is repugnant to democracy. In what could possibly be a path breaking and a most important decision, Chief Information Commissioner (CIC) Shailesh Gandhi has ruled that citizens have a right to know about the functioning of banks including any regulatory lapses. “If there are irregularities in the functioning of a bank pursuant to which action has been taken by the Reserve Bank of India (RBI), citizens certainly have a right to know about the same,” the CIC said in a recent order...............
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