More transparency, resisted by RBI and banking fraternity, would have red-flagged troubles in advance
GN Bureau | February 20, 2018
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.
Sometime in 1999, I took Arun Jaitley out for meal for the column, “Lunch with Business Standard”. As is his wont, he chose his own place for lunch. It was at the Chambers at the Taj Mansingh hotel, an exclusive domain of the high and the mighty Delhi. As we sat down for the meal
The arrest of Palaniappan Chidambaram, former union minister of home & finance, by the CBI, albeit after his much dramatic disappearance and reappearance, has brought an end to his long run from the arms of law. As a finance minister, being at the other end of the law, the former ministe
An unintended consequence of the inversion of Article 370 and the division of the state of Jammu and Kashmir into two union territories is the curious revival of Pakistan’s interest in Indian history and sociology. For the first time in decades, a Pakistan prime minister made the Rasht
Neeraj Kabi, a critically acclaimed self-taught actor, theatre director, and acting teacher, has worked in Odiya, Hindi and international cinema, theatre, television and web series. In 2014 he was honoured with the best actor award at the 4th Sakhalin International Film Festival for his role in the fil
Prime minister Narendra Modi has told US president Donald Trump that Pakistan prime minister Imran Khan’s “incitement to anti-India violence” was not good for peace in south Asia. Modi and Trump had a telephonic conversation – their first since the Aug 5 move to chang
As children are consuming more and more fast foods and sweetened beverages are becoming, leading to obesity and related non-communicable diseases (NCDs), the Indian Academy of Pediatrics (IAP) has come out with guidelines on such substances. The dietary guidelines under its nutrition chapter