Reserve Bank is Asked to Reveal the Names of Big Loan Defaulters By the Supreme Court

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The Apex court has taken an austere decision by asking (Supreme Court of India) Reserve Bank of India (RBI) to reveal the names of 57 people who are in debt and has to repay almost Rs. 85,000 Crore. According to a report by International Business Times the confidential list of debtors has to clear almost an amount of Rs. 500 Crore. The Supreme Court has also said that the names should be publicly declared which would be available via RTI (Right to Information).

The report also highlights on the statement delivered by Chief Justice Thakur as he wanted to know the names of the people who have taken loans from the banks and have not paid back. Justice Thakur also wanted to know the reason behind their names not gettingdisclosed publicly as the general public should have an idea about the money they have taken as aloan which is needed to be repaid to the banks. He concluded his statement asking “why should you withhold information?”.

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However, in response to Justice Thakur’s statement the counsel of Reserve Bank of India stated that the names of the list of the debtors cannot be revealed to the public under the statutory law and few of the people haven’t done it purposely. It was also mentioned by the counsel that that regulator was emphasising on the banking sector’s interest. To which Chief Justice Thakur responded by saying“You must work in the interest of the country, not just in the interest of banks,”.

As per a report by Times of India Ranjit Kumar (Solicitor general) for the UNion Government mentioned that the 1983 law had mandated the confidential bank datas. And the government had no role in it. Kumar concluded his statement stating that the matter is between the RBI and the banks.

Nevertheless, the next hearing of the court is on October 28.

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