NATGRID wanted direct access to bank accounts in terror related cases
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New Delhi: In a move which will preserve consumer privacy, banks have denied the Anti-Terror National Intelligence Grid (NATGRID) direct access to their data base.
NATGRID, which was set up in wake of the 26/11 Mumbai terror attacks in 2008, wanted direct access to bank accounts in terror related cases.
“The issue pertaining to creating an institutional framework for sharing of information relating to the banks with NATGRID was examined by the Reserve Bank of India (RBI) in consultation with the Indian Banks Association (IBA),” minister of state in the ministry of finance Nirmala Sitharaman told the Lok Sabha in a written reply. She revealed that the RBI and bankers were “unanimously of the opinion that it would not be possible for banks under the current legislative framework to disclose customer information.”
“Accordingly, it was advised that in line with international practices it may not be possible for banks to allow any agency direct access to its database,” said the minister.
Further, Ms Sitharaman said that under the “extant legislative framework it may not be possible for banks to share customer related information like name, address and account number of the customer with any government agency.”
According to sources, some officials in the finance ministry believed that if such an access was provided to the intelligence agencies it will shake the confidence of the people and investors in the Indian banking system, which could have a long term impact.
( Source : dc correspondent )
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