National
State duty-bound to bring PNB scamsters to justice: Jaitley (Second Lead)
New Delhi, Feb 20 (IANS) In the wake of the Rs 11,300 crore ($1.8 billion) Punjab National Bank (PNB) scam allegedly involving diamond merchant Nirav Modi, Union Finance Minister Arun Jaitley on Tuesday said the state was duty-bound to ensure those cheating the system are brought to justice.
He said the scam had highlighted the failure of the Indian banking regulator, on whom it is now incumbent to institute a mechanism to ensure that such scams do not recur.
“What are our auditors doing? Both internal and external auditors really have looked the other way or failed to detect.”
“… it is incumbent on us as a State… to make sure the country is not cheated,” he said in his first public comments on the fraud while addressing the annual meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) here.
Jaitley — without naming the PNB fraud that has rocked the banking system — also said the scam posed an important question — “lack of ethics that a section of Indian business follows”.
“Therefore, call it a moral hazard. Any system of banking functions on trust… but this blurred itself out when a not-so-ethical section of society did not feel the responsibility to pay (back),” the Minister said while referring to non-performing assets (NPAs), or bad loans, of government banks which are proving to be a major roadblock in the revival of private investment and affecting the state’s capacity to fund development.
He wondered whether the bank management had been “found lacking” in this case.
“On the face of it, the answer seems ‘yes, they were’. They were also found lacking in being able to check who amongst them were the delinquents here.”
The NPAs in the Indian banking system have crossed a staggering Rs 8 lakh crore, of which the public sector banks (PSBs) account for over Rs 7 lakh crore.
The Finance Minister also noted how the collusion between banks and scamsters had glaringly highlighted the failure of the system of checks/controls, both internal and independent.
“There is also an important challenge where the supervisory agencies have now to introspect as to what are the additional mechanisms they have to put in place to make sure that stray cases don’t become a pattern and the menace is nipped in the bud,” he said.
“I am sure the profession of Chartered Accountants and those who control the discipline of the profession will start introspecting and see what are the legitimate actions to be taken,” he added.
Describing the “developments as costing the country and the taxpayers”, Jaitley said this “impinges upon the bank’s capacity as a lending institution and therefore, it obviously impinges upon developmental finance.”
–IANS
bc-ag/tsb/bg
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
