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

ONOE: Anti-federalism or pro-reform?

The government`s move to implement ‘One Nation, One Election’ (ONOE) has ignited widespread debate. On one hand, it offers tangible benefits, such as removing the possibility of a governance paralysis and reducing election costs. On the other hand, the opposition and sections of civil society s

PM Surya Ghar: Muft Bijli Yojana completes first year

On February 13, 2025, the PM Surya Ghar: Muft Bijli Yojana (PMSGMBY) will mark its first anniversary, celebrating a year of empowering households with affordable solar energy and accelerating India’s transition to a sustainable future. Launched by prime minister Narendra Modi on Febru

How to leverage AI to solve urgent global issues

The world seems to be hurling towards World War III in all the possible scenarios: hot war, cold war, and proxy war. The battleground seems to have expanded beyond physical to digital or virtual/mixed reality with technology like drones. Moreover, the line between civilian and military targets seems to hav

Budget: Progress towards SDGs and areas for improvement

The Union Budget 2025-26 outlines India`s vision for economic and social growth while also reflecting the country`s commitment to sustainable development. As India moves closer to the 2030 deadline for the United Nations’ Sustainable Development Goals (SDGs), this budget presents a balanced approach

Repo rate cut by 25 basis points to 6.25%

The Reserve Bank of India has, for the first time in five years, reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25% with immediate effect. Consequently, the standing deposit facility (SDF) rate will stand adjusted to 6.00% and the marginal

Amitav Ghosh’s new work: Connections between the word and the world

Wild Fictions: Essays By Amitav Ghosh HarperCollins, 496 pages, Rs 799.00 Amitav Ghosh, one of a handful of Ind

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