Monday, 11 April 2016

RBI declines to share details of banks inspection report

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The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country. 

Replying to an RTI query, the central bank also said furnishing the requested information will disproportionately divert the resources of the public authority. 

The Reserve Bank of India (RBI) was asked to provide copies of all the annual financial inspection reports, concurrent audit or inspection reports carried out between 2007 and 2015 on foreign currency derivative contracts sold by the 19 banks that were earlier penalised by it.

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