Sir,
Owing to the series of transactions in the PNB scam, it is clearly evident that the public sector banks have become rotten. By extending unbounded loans to some of the richest businessmen of the country, the banks are losing the trust of a common man. The PNB scam has made the public aware of the fraud that is being done by some of the famous banks operating in the country. It is hard to say that the PNB bank was unaware of the back-to-back transactions done by Nirav Modi and its team. The issue of fake Letters of Undertaking (LoU) by the PNB bank for diamond imports clearly shows how deceptive the banking industry is. The transactions even took place outside the core banking system (CBS) of the PNB. The PNB as well as the correspondent banks were totally unaware of the high-scale scam that was going on, which is something the country is not able to digest. Our country is in a need of a change when it comes to the banking system. The rich is getting richer and the poor is getting poorer, only because of the power and dominance of some of the businessmen of our country. This should stop if our country wants to head towards equality.
Yours etc….
Kashika Bajaj
Jammu
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