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PNB case brought bad name; an eye-opener: Venkaiah Naidu

  •   Fri, Mar 16 2018 11:59:33 AM

New Delhi, Mar 16 (PTI): Vice President M Venkaiah Naidu today said the developments at Punjab National Bank (PNB) has brought a bad name to the system and is an eye-opener as he pitched for greater transparency and ethical corporate governance.

"What happened with Punjab National Bank and other banks is an eye opener to all of us. There has been some systemic failure, maybe because of some individuals... at the same time, it brought a bad name to us, to the system," he said.

Naidu was speaking at the 58th National Cost Convention here organised by the Institute of Cost Accountants of India.

His remarks come at a time when a multi-agency probe is underway in the nearly Rs 12,700 crore scam at Punjab National Bank perpetrated by way of fraudulent letters of undertaking (LoUs) and with the connivance of some officials.

The Vice President also emphasised the need for greater transparency, enhanced accountability and ethical corporate governance.
  

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Comment on this article

  • ca girishkk, m'lore/dxb

    Fri, Mar 16 2018

    Indeed...,, there is a big lesson to be learn by CA fraternity...,
    CA's of Hindustan are known/valued for their intelligence, independence, integrity while discharging their duties without favor or fear..., but off late the professionalism affected by FEKUISM..., Hindustani's must come unitedly together to defeat this virus called FEKUISM...,

    sorry to see CA profession also hit by FEKU virus...!!!!!!!

    jh
    jai hind....,

    DisAgree Agree [3] Reply Report Abuse

  • KRPrabhu, Mangalore/Bangalore

    Fri, Mar 16 2018

    PNB scam has no relation to govt functioning or any other banks.Why all PSU banks are doing satisfactory and many are very good.Only SBI has highest NPAs among banks.Reson us their working style....ho to any branch there is atmosphere that makes customer happy.Less said is better about their loaning system . PNB s fraud is only because of fraud staff and interestingly public are kept in dark involvement of stands.There could be high handedness here due involvement of top to bottom level.Gokulnath Shetty is only a scape goat.

    DisAgree [4] Agree [3] Reply Report Abuse

  • Declan, Mumbai

    Fri, Mar 16 2018

    Mouth opens only during election rallies, when foreign dignitaries come and when making some public announcement to divert public attention when they are facing negative publicity for their failures.

    DisAgree Agree [9] Reply Report Abuse

  • sahil, mangalore

    Fri, Mar 16 2018

    Every one knows but what preventive measure has been taken other than only ban the loUS even 5cr above loan also should be attached properties, passport and Working capital strength should be audited from separate entity before releasing the loan to the existing co.

    DisAgree Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Mar 16 2018

    Why is Narendra Modi quiet on PNB ...

    DisAgree Agree [16] Reply Report Abuse


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