............The RBI currently circulates a list containing details of non-suit filed accounts of defaulters owing Rs. 1 crore and above, besides that of wilful defaulters with outstandings of Rs. 25 lakh and above. But these are only to banks and financial institutions for their confidential use. According to the RBI, this information on defaulters is being held by it in a ‘fiduciary capacity’ on behalf of the banks. Such posturing, though, negates the very purpose of compilation of the defaulters’ list. In fact, one of the stated objectives of the Central bank when it first issued a circular on disclosure of information on defaulters (No DBOD No BC47/20.16.002/94 dated 23.04.1994) was to “make public the names of the borrowers who have defaulted”. The argument of banking secrecy will not wash any more....................
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
No comments:
Post a Comment