The Central Information Commission has directed RBI to reveal names and details of the top 100industrialists who have defaulted on loans from public sector banks. The CIC rejected RBI’s argument that it held the information in fiduciary capacity, and disclosing it would hurt India’s economic interests.

The CIC directed the bank to post the details on its website before December 31, and update it every year.

Information Commissioner Shailesh Gandhi said making the information public “may put pressure... to pay their dues”, and could have “some impact in shaming” citizens.

P P Kapoor of Panipat had filed an RTI application seeking to know from RBI details of default in loans.

The commission held that if revealing the information means that “such borrowers would not bank with public sector banks for fear of exposure, it would in fact be in the economic interest of the nation”. (Indian Express)