The inspection report on the financial condition of the scam-hit Punjab and Maharashtra Cooperative Bank (PMC) as on March 31, 2019, is yet to be finalised, said the Reserve Bank of India (RBI), replying to an RTI query filed by a journalist.
The federal bank said its preliminary findings indicated large-scale irregularities in the scam-hit bank. However, it denied providing copies of the two complaints received and action taken on them by citing exemption clause in the transparency law that bars disclosure of information that would impede the process of investigation or prosecution of offenders.
“The inspection report is yet to be finalised as inspection of the bank with respect to its financial position as on March 31, 2019, is under progress,” the central bank said in response to the RTI application field by a PTI journalist.
The filed complaints highlighted PMC’s irregularities.
“In view of the ongoing investigation into the bank’s affairs by various authorities, an exemption is sought from disclosing the information under Section 8 (1) (g) and 8 (1) (h) of the Right to Information Act, 2005,” the RBI said.
Section 8 (1) (g) bars information “the disclosure of which would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes.”
Whereas, the other section exempts disclosure of “information which would impede the process of investigation or apprehension or prosecution of offenders.”
Since September 23 of the current year, the PMC bank is under RBI’s restrictions, after the latter found financial irregularities of Rs 6,500 crore that is 73 per cent of its total assets of around Rs 9,000 crore, using hundreds of dummy accounts.
(With input from agencies)