top button
    Largest RTI Q/A Community in India

Whether RBI is liable to provide information under RBI ACT on Muthooth Fianance Ltd, NBFC

0 votes
122 views

1-Muthoot Finance was originally incorporated as a private limited company on March 14, 1997 with the name “The Muthoot Finance Private Limited” under the Companies Act.
2-Subsequently, by fresh certificate of incorporation dated May 16, 2007, its name was changed to “Muthoot Finance Private Limited”.
3-The company was converted into a public limited company on November 18, 2008 with the name “Muthoot Finance Limited” and received a fresh certificate of incorporation consequent upon change in status on December 02, 2008 from the RoC.
4-It is registered NBFC with the Reserve Bank of India (RBI).
5-RBI tags Muthoot Finance as ‘upper layer’, on par with public sector NBFCs
6-Muthooth Finance Ltd. is regulated by Reserve Bank Of india
The Right to Information Act 2005 (RTI ACT) was enacted to obtain information from the Public Authority which is defined under Section 2 (h) of the Act. The provisions of the Act are only related with the information to be obtained from public authorities. The Act is not applicable on private companies. However the information of the private company can be obtained from its regulator if so.Relevant provisions in the Act in support of the same are as follows:-

  1. Preamble of the Act reads as under :-
    “An act to provide for setting out the practical regime of right to information for citizens to secure access to information under the control of public authorities, in order to promote transparency and accountability in the working of every Public Authority, the Constitution of the Central Information Commission and State Information Commissions and for matters connected therewith or incidental thereto. Whereas …”

2 . Definition of Information Section 2 (f) of the Act reads as under :-
“Information” means any material in any form, including records, documents, memos, e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force.
Pl. comment on the above lines. RBI, being a regulatory authority is liable to furnish the information under RTI Act.

posted Aug 8, 2023 by Adesh Gupta

1 Answer

0 votes

The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development.

As per RBI Act 1934, Reserve Bank of India (RBI) has the powers to regulate and control the Non-Banking Financial Companies. As per RBI Act, RBI can exercise surveillance, supervise, inspect, issue directions, lay down policies and regulate the Non-Banking Financial Companies (NBFC's). The Reserve Bank has been given the powers under the RBI Act 1934 to register, lay down policy, issue directions, inspect, regulate, supervise and exercise surveillance over NBFCs that meet the 50-50 criteria of principal business. The Reserve Bank can penalize NBFCs for violating the provisions of the RBI Act or the directions or orders issued by RBI under RBI Act. The penal action can also result in RBI cancelling the Certificate of Registration issued to the NBFC, or prohibiting them from accepting deposits and alienating their assets or filing a winding up petition.

You can try filing RTI to RBI. If the information is available with them, they will provide the information.

answer Sep 1, 2023 by Shambhavi Rti
Similar Questions
0 votes

During Corona period, RBI has given some guidelines to all the Banks and Finance Companies, to not to charge overdue interest, Panel Interest and compound Interest.
I want to know whether Muthoot Finance Limited, had followed the above guidelines?

0 votes

Delhi Police is not preparing FIR FOR 5 MONTHS, I HAD TO COMMIT SUICIDE - WIFE n Her Sister n Her Parents Conspiracy To Forced/Kill Me - DUPED 4.5 CRORES - RAN AWAY WITH MY 2 CHILDREN. I did suicide (blackmailed /barter with my children - PLEASE HELP ME – I DO NOT WANT TO DIE AGAIN – I HAD TO Stab myself 2" inches and 3.5" inches deep into my heart – cut my both hands veins. Unluckily survived (Father discovered me, took me to the hospital. I am 52 years old.
Now I cannot walk and talk whilst of the atrocities /tortured by my wife family - quite weak (Nerve Disorder). court require 154(3) long procedure. cannot do anything without my Father's 85 years old help .
I wrote 102 emails to DCP Sachchida Nand Shrivastava (cp.snshrivastava@delhipolice.gov.in) in return I got 25 acknowledgements & Dr. A. Koan, Dy. Commissioner of Police (dcp-outer-dl@nic.in). No advocate is taking my case without FIR. police gave me just NCR after crying. Wife wanted 3rd marriage. give my children and 4.5 INR crores to her sister. Now after lost money, looking forward to a philanthropist kind of an advocate. I have all evidence and proofs. Mobile: 7703983117 - Whatsapp, mrsanjaygulati@gmail.com, I have posted my RTI under DELHI POLICE - do not know if it is correct or not.

...