Pakistan Information Commission: SBP last review plea against decision to disclose 1,000 big loan defaulters rejected

ISLAMABAD: The Pakistan Information Commission has rejected the State Bank’s last review petition against the decision to disclose the list of 1,000 big loan defaulters and has ordered to make the above information public by September 5.

The decision by the commission stated that Deputy Governor Dr. Inayat Hussain, Law Director Raza Mohsin Qazalbash and Law Officer Mahmood Nazir Rana have been asked by the State Bank to disclose the list of 1,000 big loan defaulters. They appeared to file a review appeal against the May 27 decision of the commission.

State Bank officials, in their review appeal before the commission, said they had a list of 1,000 big loan defaulters but could not share it as there was an exemption to disclose such information. The officials told the commission during the hearing that according to law, State Bank is not required to keep a record or list of loan defaults.

According to the decision of the commission, the bank has not pleaded that it does not keep the record rather, it seeks exemption from making the information public by resorting to Section 7(D) of the Right to Information Act, 2017.

The Information Commission in its decision said that the State Bank’s role is that of a regulator that regulates all public and private banks, so it cannot say that it is not bound to keep records of defaulters. The State Bank can also provide this record by obtaining it from the banks concerned. The government institution (State Bank) should play its role as a good, active and vigilant regulator instead of becoming a wall in front of information access. This decision of the commission is necessary for strong economic development, good governance and respect for human rights.

Chief Information Commissioner of Pakistan Shoaib Siddiqui said that the State Bank has been given a deadline of September 5 for implementation of the order. If the order is violated, strict action can be taken against the State Bank officials under Section 20 and 22 of the Right to Access to Information Act, 2017.