As a retired executive of a top PSU of the country let me assure people that the best systems to check corruption are in place in every PSU including the Banks. But the problem is even the best systems is only as good as the integrity or intent of persons in the chain exercising the authority arising out of the power bestowed in him or her. Integrity of a person in power is known by the way he uses his authority in exercising his powers. PSU Banks including PNB are managed by highly qualified professional Bankers and there is no way the kind of systemic failures relating to approval, issue, verification, by-passing of the CBS …etc. in the issue of the LOUs reported could have taken place w/o complicity of the top most management choosing to look the other way with malafide intent. The lower level officials including sr officers do not have the powers to handle the scam amounts on their own in the first place! And then you have those auditors and the RBI’s supervisory control roles! Finally, you have the system of regular generation of periodic MIS reports containing the important information of LOUs and such important items circulated among the Sr officials, CMD ,RBI etc. So, then how can a failure occur at so many levels and at so many points? Evidently it is not a failure but willful default at all levels starting from top to bottom to comply to the whims of somebody ‘ABOVE’ in order to favor the party enjoying clout with ‘ABOVE’.
"The role of the RBI as regulator has been questioned by some,"A write up in this site wrote sometimes back that the RBI had been winking at banks fudging the balance sheets till upto some 2 and a half to 3yrs. back.It may be some 3 months ever since.Was it not felt necessary the FINANCIAL SYSTEM to question RBI for that?People are questioning RBI now?Write ups were there in this site that RBI had set the processes but action was not coming from banks.Is REASONABLENESS BANK OF INDIA there to scratch it's head?It should have given good bye to such CEO of banksR.Ponnambalam
In India all this honesty drama is ephemeral. Too many dramas crop up that the old one gives place to the new.Does anybody know what happened to the NAGERWALA CASE of the days gone by .The End games is not seen by anybody. Economy of the country had been in a down swing for long.But we used to be told all positives;we will be told GDP is going up every year as though we get more Gross domestic product (after all it is product)in the market for the same money .One fine morning a report will tell that the bottom 30% have 1.4 % wealth and the top 10% has 74 %wealth.We would wonder how much GDP that 1.4% wealth of 30% people would have contributed .The income share of India’s top 1% rose from approximately 6% in 1882 -1883 to above 10% a decade later and then to 15% in 2000 and further still around by 23% by 2014.This information from a research report is doing rounds for 4 months.We have not questioned the role of bank in wealth making provisions reaching the top 1% that the 1% people have thrived.DISCIPLINE FLOWS from the Top.A write up in this site read that RBI was winking at fudging of balance by Banks till some three years back?What can this country expect.R.Ponnambalam
In India all this honesty drama is ephemeral. Too many dramas crop up that the old one gives place to the new.Does anybody know what happened to the NAGERWALA CASE of the days gone by .The End games is not seen by anybody. Economy of the country had been in a down swing for long.But we used to be told all positives;we will be told GDP is going up every year as though we get more Gross domestic product (after all it is product)in the market for the same money .One fine morning a report will tell that the bottom 30% have 1.4 % wealth and the top 10% has 74 %wealth.We would wonder how much GDP that 1.4% wealth of 30% people would have contributed .The income share of India’s top 1% rose from approximately 6% in 1882 -1883 to above 10% a decade later and then to 15% in 2000 and further still around by 23% by 2014.This information from a research report is doing rounds for 4 months.We have not questioned the role of bank in wealth making provisions reaching the top 1% that the 1% people have thrived.DISCIPLINE FLOWS from the Top.A write up in this site read that RBI was winking at fudging of balance by Banks till some three years back?What can this country expect.R.Ponnambalam
