-The Times of India BENGALURU: Among other things that emerged in the aftermath of the massive Punjab National Bank (PNB) scam is the active role of employees of the Public Sector Banks (PSBs) in multiple Frauds over the years. TOI has accessed Reserve Bank of India data that reveals the number of cases involving staff across various states and the amount of loss reported. Overall, data from April 2013 to June 2016...
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Can banking recover? -Jayati Ghosh
-The Hindu We need stricter adherence to sound banking rules and more transparency from public and private players The bank Frauds involving Punjab National Bank (PNB) and the companies associated with businessmen Nirav Modi and Mehul Choksi as well as the Rotomac case couldn’t have come at a worse time. The Indian banking system is already reeling under the pressure of growing NPAs, or non-performing assets (less politely known as loans that...
More »Jaitley rules out privatisation of public sector banks
-PTI Finance Minister Arun Jaitley today ruled out privatisation of public sector banks as a response to the Rs 11,400-crore Fraud hitting Punjab National Bank, saying the move may not be politically acceptable. Speaking at an event, he said a lot of people have started talking of privatisation in the aftermath of the PNB Fraud. “This (privatisation) involves a large political consensus. Also, that involves an amendment to the law (Banking Regulation...
More »86% of bank Frauds tied to loans, 99% in case of PNB -Chethan Kumar
-The Times of India BENGALURU: From misuse of letters of credit, guarantee or undertakings to diversion and siphoning of funds, a variety of Frauds linked to advances haunt the Indian banking system, indicating a lack of hygiene and risk frameworks. While 86% of all Frauds in India for 2016-17 are linked to advances, it was 99% at Punjab National Bank (PNB) which, experts say, points to collusion with insiders. Also, 26 banks...
More »Social activists and political leaders demand for transparency in voting process
-Press Release by Delhi Forum New Delhi, 19th February, 2018: “Today it is no more the question of going back to ballot paper in elections, but it’s a must that 2019 elections be conducted through the ballot papers. EVM machines are destroying the trust between the voter and the democratic system. Democracy is too precious to be left to machines. To ensure the democratic nature of the country, the 2019 election...
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