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Disclosure of names of big loan defaulters pointless: SC (Relevant for GS Mains Paper II)

SC changed the stand on disclosure of defaulters name:
The Supreme Court said public disclosure of names of defaulters who owe banks over Rs. 500 crore in bad loans is pointless.
A Bench of judges said focus, instead, should be on the question “why these non-performing assets [NPAs] are piling up.”

Background:
The observation from the Bench gains significance as it was on the Supreme Court’s order that the government filed a confidential list of 57 defaulters who owe the banks about Rs. 85,000 crore in bad loans.

The previous hearings had seen the apex court turn the heat on the Reserve Bank of India for expressing reluctance in making public the names of big loan defaulters. The apex court had said the RBI should bring the names of defaulters into the public domain through the Right to Information (RTI) Act.

Recently, the Bench’s change of stance about disclosure of the names was stark, especially when it asked “what change will it [disclosing the names and details of big defaulters to the public] do?”



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