The Central Information Commission has ruled that the RBI and other banks including cooperative banks in the country cannot refuse to disclose their reports on any ground whatsoever. According to the commission, they all are covered by the RTI Act.
The CIC gave its opinion when a case relating to the Mercantile Bank of Kanpur came before it. A shareholder of the bank had wanted the copies of the audit report done by the RBI.
The CIC said the RBI’s refusal to disclose its report would contradict the very basic principles of democracy and transparency.
There are people openly alleging that the United Mercantile Cooperative Bank has become a hotbed of irregular activities. It is not without reason that the apex bank had to conduct the audit report of the bank, sources maintain.