How RTI could have prevented the PNB fraud

More transparency, resisted by RBI and banking fraternity, would have red-flagged troubles in advance

GN Bureau | February 20, 2018


#Punjab National Bank   #Reserve Bank of India   #economy   #banking   #RTI   #transparency   #Shailesh Gandhi   #Nirav Modi   #PNB Fraud   #PNB Scam  


The Right to Information (RTI), used efficiently, could have helped activists and bankers expose irregularities much before they snowballed into full-fledged scams – the one at Punjab National Bank (PNB) being only the latest example.

That is the argument coming from Shailesh Gandhi, former information commissioner at the Central Information Commission.

Referring to his orders on transparency and disclosure from RBI, which were upheld by the supreme court, he says, “There were ten such orders in which various aspects were ordered to be disclosed all of which were upheld.”

Gandhi, however, adds “RBI is not honouring these decisions and is treating them with contempt. If these had been followed, maybe transparency could have made the Indian banking industry stronger. Nirav Modi and Vijay Mallya may have caused lesser damage.”

Maybe, even now, the time has not run out to get RBI to follow the information commission's orders and check other irregularities before they hit headlines.

 
 

Comments

 

Other News

Soumya Swaminathan to head M S Swaminathan Research Foundation

Former World Health Organisation (WHO) chief scientist Soumya Swaminathan takes charge as chairperson of M S Swaminathan Research Foundation (MSSRF) from February 1.   Founded by her father, the legendary agricultural scientist M S Swaminathan, MSSRF was set up to accelerate the use of m

m-Governance: Key to Digital India

The digital revolution is being led by India. Digital governance is a key component of the government's ambition to transform India into a society where everyone has access to the internet. It includes both M-governance and E-governance, which are major methods for the delivery of services via mobile devic

A sacred offering of the beauty of ‘Saundarya Lahari’ – in English

Saundarya Lahari: Wave of Beauty Translated from the Sanskrit by Mani Rao HarperCollins, 218 pages, Rs 399 ‘Saundarya Lahari’, usually ascribed to Adi Shankaracharya, has a unique status among the religious-spiritual works of Hinduism.

The Boy Who Became the Mahatma

This year, as the nation commemorates the 75th death anniversary of Mahatma Gandhi on January 30, Rajesh Talwar, a prolific author who is also a legal advisor to the UN, is all set to release a play for children on non-violence chronicling the life of Mahatma Gandhi, ‘The Boy Who Became the Mahat

What makes Sundargarh the cradle of hockey in India

Neha Lakra, 20, doesn’t forget to practise hockey, at least for four hours, every day. Whether at home or at the Panposh sports hostel in Rourkela where she is training under the guidance of coaches, her routine doesn’t change. “I can’t sleep unless I have worked on the ground,&rdqu

Where the true sadhana of Vedanta is to be found

Somewhere Among the Stars: Reflections of a Mystic By Adi Varuni Kali/BluOne Ink, 282 pages, Rs 395 Decades ago, when an unknown N

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter