Supreme Court held that records of private cooperative banks accessible to the Registrar under law are subject to RTI Act, subject to applicable exemptions.
SC Extends RTI Reach to Private Cooperative Bank Records
The Supreme Court has ruled that records of private cooperative banks are subject to the Right to Information Act, 2005, where such records are accessible to the Registrar of Cooperative Societies under statutory powers. The decision affirms public interest in financial transparency even within privately constituted institutions.
The Court distinguished between ownership and regulatory control, noting that extensive state regulation under the Multi-State Cooperative Societies Act or state laws enables classification of such bodies as 'public authorities' under Section 2(h) of the RTI Act. However, exemptions under Section 8 (including commercial confidence and privacy) continue to apply.
This ruling expands access to financial governance data and may lead to increased disclosure demands from cooperative banks. Legal teams must now audit record retention and classification policies in light of RTI exposure, even for non-governmental financial entities.
Citations
- RTI Act, 2005, Section 2(h)
- Multi-State Cooperative Societies Act
