NEW DELHI: The two biggest banks in the nation — State Bank of India and HDFC Bank — transferred the Supreme Court on Friday and sought a stay within the Reserve Bank of India’s directive to banks to offer fiscally sensitive information under the RTI Act, saying they feared it might be damaging to their business operations and undermine confidentiality of consumer information.
Although the management was searched against RBI, it had been aimed in the SC’s arrangement that enabled divulging of these information.
Court earlier controlled RBI from disclosure under RTI ActThe SBI, during urge Sanjay Kapur, stated,”In light of the ruling at Jayantilal N Mistry instance, ” the RBI is looking for disclosure of sensitive and confidential information regarding the applicant lender, such as advice of its workers and its clients, allegedly under the Right to Information Act, 2005, that can be exempt under the terms of Act 8 of said Act.
” Seeking your SBI and HDFC, attorney general Tushar Mehta and mature advocate Mukul Rohatgi advised a seat of Justices L N Rao along with Aniruddha Bose that compiles sensitive data like review reports/risk evaluation reports/annual financial review reports of banks could leave them vulnerable at the competitive banking industry into rivals, who might exploit the RTI Act to understand the transaction keys and inner strengths of banks that were successful.
The court had previously controlled the RBI from revealing such reports under the RTI Act.
Nevertheless, that interim arrangement obtained washed off due to the SC’s April 28 order prohibiting that the inspection the Jayantilal N Mistry conclusion.