The Supreme Court has held that RBI should take rigid action against those banks and financial institutions which have been indulging in disreputable business practices. A bench comprising Justices MY Eqbal and C Nagappan said, the central bank cannot withhold information on defaulters and other issues covered under the RTI Act. The judgement came on a batch of pleas transferred from various High Courts where the Central Information Commission (CIC) had directed RBI to furnish the information sought by applicants under the RTI Act.

The court said, RBI and the Banks have sidestepped the general public's demand to give the requisite information on the pretext of trust and economic interest of the nation. This attitude, it said, will only attract more suspicion and disbelief in them. The court said, RBI as a regulatory authority should work to make the Banks accountable to their actions.