AIR 2016 SUPREME COURT 1 ::2016 (1) ADR 614 ::2016 (1) AKR 341 ::(2016) 1 CLR 253 (SC) ::(2016) 1 WLC(SC)CVL 357 ::2016 (3) SCC 525 ::(2016) 1 RecCivR 568 ::(2015) 13 Scale 680 ::AIR 2016 SC (Civil) 437 ::(2014) 4 All ER 37 ::2016 (4) ADJ 58 NOC ::2016 (117) ALR SOC 20 (SC) ::(2016) 2 Cal HN 34 ::(2016) 1 Guj LH 361 ::(2016) 1 ESC 91 ::(2016) 1 Mad LJ 55 ::(2016) 1 JLJR 358 ::2016 (1) KCCR SN 54 (SC) ::(2016) 2 Pat LJR 6 ::(2016) 161 AllIndCas 214 (SC)

Supreme Court Of India

Hon'ble Judge(s): M. Y. Eqbal, C. Nagappan , JJ

(A) Right to Information Act (22 of 2005) , S.8(1)(e)— Exemption from disclosure of information - Information available to person in his fiduciary relationship - Reserve Bank of India is not in fiduciary relationship with any public sector or private sector bank - Information as to irregularities committed by these Banks - Cannot be denied to public at large on grounds of endanger of economic interest of country. @page-SC2 The RBI does not place itself in a fiduciary relationship with the Financial institutions (though, in word it puts itself to be in that position) because, the reports of the inspections, statements of the bank, information related to the business obtained by the RBI are not under the pretext of confidence or trust. In this case neither the RBI nor the Banks act in the interest of each other. By attaching an additional 'fiduciary' label to the statutory duty, the Regulatory authorities have intentionally or unintentionally created an in terrorem effect.(Para 58) RBI is a statutory body set up by the RBI Act as India's Central Bank. It is a statutory regulatory authority to oversee the functioning of the banks and the country's banking sector. Under Section 35A of the Banking Regulation Act, RBI has been given powers to issue any direction to the banks in public interest, in the interest of banking ....