New Delhi: The Reserve Bank of India on Monday informed the Supreme Court that it was not advisable to disclose or put on public domain the list of defaulters who had plundered tax payers money as such disclosure will violate confidentiality clause and information on outstanding dues to banks will impact the economy of the country.
It also said that disclosure of defaulters who owed over Rs 500 crore to public sector banks would adversely affect business climate in the country besides the jobs of thousands of staff working in these companies.
Making this submission senior counsel Jaideep Gupta, appearing for the RBI told a Bench of Chief Justice J.S. Khehar and Justice D.Y. Chandrachud that grant of loans are covered by various statutes and governed by contractual obligations.
He said it was “extremely necessary” to keep these names confidential due to their “fiduciary relationship” and as per the RBI Act.
