The preamble to the Constitution of India (referredto as Constitution thereafter) affirmed that “we the people of India” have created the legislative, executive, and judicial organs of the state. The Constitution under Article 19 mandates that the citizenry have the “Right to Information” regarding the functioning of these “Public Institutions”. The informed and healthy functioning of democracy depends upon the transparency and accountability of these public institutions. The catena of judgment augmented the “right to information” as an important aspect of livable democracy. The preamble to the RTI Act, 2005 states that “… democracy requires an informed citizenry and transparency of information which are vital to its functioning and also to contain corruption and to hold Governments and their instrumentalities accountable to the governed”. The author of this paper tends to analyze the sole motto of the Right to Information Act, 2005. The author also tries to reconcile the competing interests of the public institutions in terms of confidentiality and of the citizenry in terms of disclosure. The author will evaluate the judicial decisions covering the impact of the “Right to Information” on the banking sector in terms of whether the information obtained by the “Reserve Bank of India” by the public and private banks or other financial institutions is subject to disclosure or are these pieces of information fall within the domain of confidential information.

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