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IMAGE: Central Bureau of Investigation agents escort a Punjab National Bank employee allegedly accused of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi outside a Mumbai court, March 3, 2018. Photograph: Francis Mascarenhas/Reuters.
The Rs 12,717 crore (Rs 127.17 billion) fraud allegedly committed by Nirav Modi and his uncle Mehul Chinubhai Choksi is one of the biggest scams the country has seen since the nationalisation of banks in 1969.
buy canada goose jacket Dr Sunil Gupta, former director of the Punjab National Bank and Dena Bank, canada goose store believes privatisation of public sector banks is the only canada goose coats on sale answer to stop such frauds. buy canada goose jacket
“There is no other option.
As a former director of the Punjab National Bank, how shocking was the news of a scam of this magnitude?
It was shocking not cheap Canada Goose just for me, but for any ordinary Indian who places trust in our banking system.
For every policy maker as well whether finance ministry or RBI this came as an unpleasant surprise at a time when we are already reeling under the pressure of high non performing assets.
As far as my part is concerned, this was an operational lapse and being an independent director who could only access reports that were canada goose deals presented at board meetings, I can only feel bad that this fraud continued for so long without being detected.
Canada Goose online However, the major chunk occurred in the past 1 or 2 years. Canada Goose online
canada goose It is said that global bankers avoid dealing with the diamond industry because the industry is not easy to regulate and bankers are not familiar with the way it functions. canada goose
But of late, Indians canadian goose jacket bankers dealt with the diamond industry a lot. Is it easy to commit a fraud in this industry?
canada goose coats I agree that the diamond industry is difficult unlike gold where only purity canada goose and weight can determine the price. canada goose coats
Canada Goose Coats On Sale In diamonds, the price lies in the eyes of the beholder and there is generally no global standard for determining the price of precious gems. Canada Goose Coats On Sale
Canada Goose sale But one should never forget that the gems and jewellery sector is one of the most important in exports and contributes significantly to our foreign exchange reserves. Canada Goose sale
The sector has its valid credit needs and where can they go for this if not banks?
Only because someone procured fraud loans, the entire canada goose clearance sale industry cannot be held liable.
canada goose uk shop Frauds are only easy to commit when banks are not vigilant enough and their staffers are complicit. canada goose uk Canada Goose Parka shop
canadian goose jacket A junior officer allegedly issued the letters of undertaking based on which various banks gave crores of rupees as loan to Nirav Modi. Is it really possible? canadian goose canada goose outlet jacket
canada goose factory sale Yes, and this is what has happened. canada goose factory sale
Canada Goose Outlet But also is the fact that his doings should not have gone undetected in audits, internal as well as external. Canada Goose Outlet
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system was not linked automatically with the CBS (core banking system) and the power to issue letters of undertaking was vested with this officer.
canada goose clearance sale Other banks relied on these LoUs and gave credit by crediting PNB’s Nostro account. canada goose clearance sale
Here as well, the official handling Nostro accounts either knowingly let the transactions go through or failed in his duty to note such large amounts and raise flags.
uk canada goose outlet After accepting the LoU, the foreign branch wrote a letter acknowledging and confirming Canada Goose Outlet that on the basis of the letter, they were giving credit. uk canada goose outlet
And this kind of confirmation letter goes to the buy canada goose jacket cheap top buy canada goose jacket official of the branch and not to any junior officer.
How come the fraud was not noticed then? Was it negligence or corruption?
I would say let the investigating agencies finish their job. They are canada goose black https://www.canadagooseisverige.com friday sale best suited to come up with who all are complicit in the act.