Governament should answer the frauds like PNB
The Reserve Bank of India (RBI) former governor YV Reddy has said that the government is accountable for the fraudulent fraud in the Punjab National Bank (PNB). YS Reddy said that the PSBs are the owner and the government will be responsible for such financial fraud. The diamond merchant Niraj Modi and Mehul Choksi have cheated Rs 13,000 crore through the misuse of Letter of Understanding (LO) issued by PNB. “Recently, a bank has seen a huge fraud of thousands of crores of rupees. It’s proven to be fraudulent. Who is worried about this fraud? What is the owner of the bank? Here the government is the owner. ‘ Vaivi Reddy spoke at the Shivaji University here on ‘Bank Security’. Taxpayers are losing money from such bank frauds. The Government, which protects the taxpayers’ money, has been asked to answer why failing to stop such fraud. Vaivi Reddy said the government needed to monitor what the directors appointed in public sector banks. He said that the ownership should be monitored on the control and control system. RBI is a major responsibility for stability and depositors in the economy, but the banking system is also a major concern for the public trust. Frauds like PNB said that the RBI loses credibility.