The Rajya Sabha on December 08, 2023, issued the Reserve Bank of India (Amendment) Act, 2023 to further amend the Reserve Bank of India Act, 1934.
The following amendments have been stated:
In section 45E which states Disclosure of information prohibited, in sub-section (2), after clause (c), the following clause has been inserted namely: —
"(ca) the mandatory disclosure and publication within seven months upon expiry of each financial year by the Bank and by each banking company, notwithstanding anything to the contrary contained in any law for the time being in force or in any instrument regulating the constitution thereof or in any agreement executed by it, relating to the secrecy of its dealings with its clients including borrowers, of the names and full details of credit information of those defaulting borrowers whose loans or advances or other credit facilities with an asset value of five crore rupees or above, provided by any banking company has been written off or classified as a Doubtful or Loss Asset in that financial year:
Provided that the publication of credit information of defaulting borrowers shall be caused by publishing the notice in a newspaper published in English language at national level and in a newspaper published in a vernacular language which is in circulation in those States where the borrower ordinarily resides or the principal office of the borrower is situated, apart from publishing on the websites of the Bank and the banking company concerned.".
It shall come into force at once.
[BILL NO. II OF 2023]
