The Reserve Bank of India (RBI) has declined to share inspection reports for scam-hit Punjab National Bank (PNB), citing RTI clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. PNB was allegedly defrauded by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. In response to queries under the Right to Information (RTI) Act, the central bank clarified that the RBI does not carry out audit of banks. When asked about the copies of inspection reports and details of objections raised by it, the RBI said the information was exempted under various clauses of the RTI Act. The RBI said that the severance of exempt parts in all inspection reports would divert the resources of the public authority in an unreasonable way.

Source: dna May 13, 2018 07:18 UTC