Press Trust Of India / New Delhi Jul 17, 2009, 00:29 IST
The Central Information Commission (CIC) has directed the Reserve Bank of India (RBI) to clarify if it has issued any instruction regarding a private bank’s alleged practice to credit amounts of clearing instruments, like cheques and drafts, having insufficient details of account holders to a suspense account.
“...Give a comprehensive reply stating categorically if RBI had ever issued any instruction on the subject and if, according to available information with them, such practice is being followed in other banks, including public sector banks,” Information Commissioner Satyananda Mishra said.
Mishra was hearing the plea of Subhash Chandra Agrawal, who had earlier filed an RTI application with the Ministry of Finance to know if it was aware of the practice by ICICI Bank. Agrawal said, “...The amount of cheques having insufficient details of customers is often transferred to suspense accounts. The person has to run around to claim it. My RTI was about the practice followed in ICICI Bank and a directive, if any, on the subject.”
Banking is supposedly an honest profession. With the advent of ICICI, it was transformed into a goons' and thieves' operation in India. The Bank is not responsible for this, though. Corruption in the government, specially the banking department of the FM, has permitted the transformation. Even the Supreme Court has been rendered ineffectual in reigning in the ICICI. The issue discussed in the Report is plain petty thieving. Shame on the FM!
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