Live
- Philippines orders full evacuation amid possible volcanic re-eruption
- Government Prioritizes Welfare of the Poor, says Dola Sri Bala Veeranjaneyaswamy
- Two Russian oil tankers with 29 on board damaged due to bad weather
- Telangana's Traditions Will Be Protected, Village by Village : BRS Leader MLC K. Kavitha
- Uganda to relocate 5,000 households from landslide-prone areas in eastern region
- Harish Rao Criticizes CM Revanth Reddy: "His Time is Over"
- Vijay Sethupathi Hails 'Vidudala-2' as a Theatrical Game-Changer
- Sahaj Yog: A Path to Inner Transformation and Harmony City takes giant strides
- Allu Arjun meets his uncle Nagababu at his residence
- J&K L-G felicitates Langar organisations & NGOs for contribution during Amarnath Yatra
SC to hear if names of bank defaulters can be made public
The Supreme Court will hold a hearing on Friday (October 28) on whether the names of individuals and companies with non-performing assets (NPAs) of Rs 500 crore or more could be made public.
New Delhi: The Supreme Court will hold a hearing on Friday (October 28) on whether the names of individuals and companies with non-performing assets (NPAs) of Rs 500 crore or more could be made public.
A bench of Chief Justice T.S. Thakur, Justice D.Y. Chandrachud and Justice L. Nageswara Rao on Monday decided to hold a hearing on the limited point as counsel for NGO Centre for Public Interest Litigation (CPIL) Prashant Bhushan urged the bench to make public the list of the defaulters submitted by the Reserve Bank of India in a sealed cover.
Bhushan told the bench that since the apex bank was covered under the Right to Information Act, the list of defaulters with NPAs of Rs 500 crore or more should be disclosed.RBI has opposed making the names of the defaulters public.
The apex bank has cited the Section 45E of the Reserve Bank of India Act that prohibits disclosure of any information relating to the creditors. It says "(1) Any credit information contained in any statement submitted by a banking company under section 45C or furnished by the Bank to any banking company under section 45D, shall be treated as confidential and shall not, except for the purposes of this Chapter, be published or otherwise disclosed."
The court had earlier on April 12 said that it would examine whether the Reserve Bank of India and the Centre could take shelter behind the confidentiality clause in the RBI Act and other statutes for holding back the names of defaulters of loans and also the total quantum of money that is in default.
The top court had noted on April 12 that rich people take loans for running their empires and on their failure to repay them they go for restructuring by Board for Industrial and Financial Reconstruction (BIFR) while farmers are committing suicide for their inability to pay small loans.
The RBI had furnished the names of the defaulters in pursuance to the top court's February 16 order asking the Reserve Bank of India to furnish a list of the companies which are in default of loans by the banks and financial institutions in excess of Rs500 crore or whose loans have been restructured under corporate debts restructuring scheme.
