The Supreme Court had last month revived its 2015 judgment making it necessary for RBI to disclose financial information related to private and public banks under the RTI Act. It had dismissed a joint plea by the Central government and 10 banks seeking a recall of the judgment in Jayantilal N Mistry (2015) that mandated RBI to disclose inspection reports of banks as well as details of wilful defaulters on the grounds that the central bank had no fiduciary relationship with the banks.
Public disclosure of information pertaining to commercial confidence, business strategies, internal system, risk management, gas, etc would not serve any larger public interest, but would adversely affect the competitive position of banks in a highly competitive private banking sector in our country, they told the top court.
HDFC further said that the apex court in earlier judgments had clearly held that even if public interest is considered while determining whether certain information has to be disclosed or not, such determination has to be on case to case basis, backed with reasons in writing.
the disclosure of which may not be in the interest of the nation or serve public interest. RBI also sometimes is privy to personal information of customers and the disclosure of which would not only compromise the privacy of the concerned individuals but may also in some extreme cases endanger their life/security.