The Central Information Commission has directed banks to make complete disclosure of all details in case of loan settlements with defaulters.
The largest lender of the country, State Bank of India had denied to accept the proposal saying that it would be against Right to Information Act. SBI defended its stand saying that disclosure would stand against commercial confidence and respect towards not sharing of personal information of defaulters.
A request regarding disclosure had been put forth the bank by one Mr Kulbhushan Jain which had been denied by SBI.
Jain had wanted information regarding different cases where different SBI branches had dealt with the issues of settlement either enroute the involvement of judiciary or through private negotiations.
SBI's defense has been overruled by CIC. Information Commissioner Deepak Sandhu said,"The Commission is of the view that the information sought is neither against the 'commercial confidence' nor 'personal information of the third party."