NEW DELHI: Finance Minister Arun Jaitley on Saturday slammed regulators for failing to hit upon the Rs 11,400-crore fraud at Punjab National Bank for seven long years, pronouncing unlike politicians, regulators within the Indian system are unaccountable.
Speaking on the rip-off for the second time this week, he stated employees conniving with fraudsters is worrisome. Also worrisome is that no crimson flag used to be raised. Regulators must have a "third eye" open to hit upon and take a look at such frauds.
Speaking at the ET Global Business Summit, he stated the industry needs to get into the habit of doing 'ethical' industry as such frauds are "scars" and push reforms and ease of doing industry to the background.
Unethical behaviour within the lender-borrower relation has to finish, he stated. "If needed laws will be tightened further to punish delinquent persons." He also slammed bank control for failing to do their job pronouncing insufficient supervision and top control being ignorant of what used to be going on within the bank used to be worrisome.
Speaking on the rip-off for the second time this week, he stated employees conniving with fraudsters is worrisome. Also worrisome is that no crimson flag used to be raised. Regulators must have a "third eye" open to hit upon and take a look at such frauds.
Speaking at the ET Global Business Summit, he stated the industry needs to get into the habit of doing 'ethical' industry as such frauds are "scars" and push reforms and ease of doing industry to the background.
Unethical behaviour within the lender-borrower relation has to finish, he stated. "If needed laws will be tightened further to punish delinquent persons." He also slammed bank control for failing to do their job pronouncing insufficient supervision and top control being ignorant of what used to be going on within the bank used to be worrisome.
FM slams regulators' failure to detect PNB fraud
![FM slams regulators' failure to detect PNB fraud]()
Reviewed by Kailash
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February 24, 2018
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