Arun Jaitley speaks on multi-crore PNB scam; laws cud be made stricter
Amid concerns as to the banking system and how much of the loan fraud is yet to come out, the Union Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs. 11,400-crore fraud at Punjab National Bank.
The fraud had been carried out over period of seven long years.
He went to the extent of saying that that unlike politicians, regulators in the Indian system are unaccountable.
Speaking on the issue, Union Finance Minister said that it was worrying to see employees conniving with fraudsters and that no red flag were being raised.
Jaitley also said the industry needs to get into the habit of doing ‘ethical’ business.
He said that such frauds are scars and push reforms and ease of doing business to the background.
He said that laws would further be tightened if need so arises.
Even Prime Minister Narendra Modi had asserted earlier that system will not tolerate loot of public money.>