Sir,
We find a number of scandals have rocked the banking sector in the recent times that has shaken trust among the people of the country. We have lost an amount Rs 8,000 crores in 2011 when one Mehta Jeweller cheated PNB and later on settled in Dubai and till date recovery stands pending against the accused. Yesterday Nirav Modi surfaced a big fugitive who is involved in 1300 crores PNB scandal. It shows that the banking system is in doldrums. In fact there has been cheating in the PNB since long which remained unnoticed that has caused huge losses to the bank. The working of the private Banks has been observed better from the recent past in comparison to Public Sector Banks. Although we have spread the Public Sector banking system in every nook and corner of the country to facilitate people by one way or the other but here we have to be vigilant in providing loans etc. Keeping in view the credibility of the borrower, loans need to be sanctioned and in no case nepotism or favouritism should be the yard stick in the matter. Secondly, a small bank official has no role as such that can be deterimental to the banking system. It is the role of officials at the top level in the system that needs to be monitored and accounted. We have to learn a lesson from the past mistakes and design an action plan that can bring reformation in the system. The defaulters have to be penalised and punished.
Yours etc…
S N Raina
Jammu
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