SBP will have to disclose info about 1,000 defaulters: PIC

LAHORE: The Pakistan Information Commission (PIC) Wednesday said that information about 1,000 big loan defaulters is of great public interest and an important matter regarding the Pakistani economy, adding that the commission’s ruling remains intact and the State Bank of Pakistan (SBP) will have to disclose the information.

A hearing was held at the PIC regarding the disclosure of the list of 1,000 big debt defaulters.

State Bank of Pakistan (SBP) Deputy Governor Dr Inayat Hussain and Director (Legal) Raza Mohsin Qazalbash appeared before the commission.

During the hearing, the deputy governor said in his statement before the commission that default is not such a big crime around the world. Now defaults are also reduced as banks have their own system with which they privately monitor.The chief information commissioner said that the PIC had already taken into consideration the points raised in the SBP’s review petition. SBP officials had filed an appeal for review of the commission’s decision to make the information public and said that they do not have the record of defaulters and they are not allowed to make the information public under Section 7(D) of the Right to Access to Information Act 2017, so an exemption should be given.

During the hearing, which lasted for more than half an hour, the PIC told the SBP deputy governor and his team that even though they may not have records, but they have a check and balance by visiting and inspecting institutions, so they can get the record from the institutions.

Chief Information Commissioner of Pakistan Shoaib Siddiqui said that defaulting is not considered such a big crime in the world, but people should have information about it with the aim of eliminating defaults. He said that the information about 1,000 big loan defaulters is of great public interest and an important matter regarding the Pakistani economy.

The chief information commissioner told the SBP officials that the PIC is not recovering money from these defaulters, it only wants to provide information to the public under the Right to Access to Information Act 2017, which is also their constitutional right. He said that the PIC has already given its decision regarding the disclosure of information in the case (Uzmat Khan v. State Bank) in the presence of SBP officers in which the commission had ordered the SBP governor that the list of 1,000 big debt defaulters should be disclosed under the Right to Access to Information Act 2017 and Article 19-A of the Constitution.

The SBP representatives requested the PIC to reconsider its decision and ignore the matter as it is not a big deal or a serious matter. They said that the defaulters include private individuals whose names should not be made public. The PIC said that the people who took the loan and now they are not returning it is a ‘breach of trust’ because they made an agreement and did not fulfil it. Such things need to be discouraged.

When contacted by this correspondent, the chief information commissioner said that the revision plea by the SBP against the decision to make public the information of 1,000 big loan defaulters is not actionable. The commission’s ruling remains intact under which the SBP will have to disclose the information.

He said the PIC had already taken into consideration the points raised in the SBP’s review petition. Siddiqui said that if the SBP does not follow the orders of the PIC, action will be taken against the SBP officials under Section 20(F) of the Right to Access to Information Act 2017.