CIC directs RBI to script a disclosure policy in 3 months on its functioning

The Central Information Commission (CIC) has directed the Reserve Bank of India (RBI) to prepare its “disclosure policy” within three months to bring greater transparency in the apex bank’s functioning. The commission said such a move “will also set a trend for other banks to follow.”

The decision came on an application filed by one Kishan Lal Mittal, a resident of Mumbai, who had asked from RBI the copies of the minutes of the meetings of governing board, board of directors, committee of directors of the RBI from April 2007 and information regarding the complaint handling procedures followed by the RBI against banking/non-banking companies.

However, the RBI’s central public information officer (CPIO) turned down the request stating that the information sought was voluminous and furnishing that would result in disproportionate diversion of the resources of the public authority. Aggrieved with RBI’s reply, Mittal appealed to CIC.

During the hearing at CIC before information commissioner Satyananda Mishra, RBI argued that providing the information “would amount to disclosure of information, which could prejudicially affect the economic interests of India since the RBI and its committees often deliberated on economically and financially strategic matters.”

Mishra was, however, not satisfied.  “We direct the CPIO to bring it to the notice of the competent authority in the RBI to prepare its disclosure policy in respect of not only the minutes of the board and other meetings but also in respect of all other information held by it in tune with the provisions of the Right to Information (RTI) Act and post this policy in its website,” directed Mishra while asking RBI to comply with the order in three months time.

“Once the RBI makes it clear which information it would not disclose under the exemption provisions of the Right to Information (RTI) Act, it would be clear to everyone what all information can be expected to be disclosed,” he said

“Such clear enunciation of the negative list of items/classes of information in conformity with the exemption provisions of the RTI Act would remove all doubts in the minds of the officers of the bank about what they must disclose and which they must not. This would minimise the use of the appellate mechanism and bring in much greater transparency in the functioning of the apex bank. It will also set a trend for other banks to follow,” Mishra added.

The information commissioner, however, agreed with RBI’s contention that information sought is voluminous.