Our Correspondent / NEW DELHI
Union Finance Minister Arun Jaitley today slammed regulators for failing to detect the 11,400-crore rupees fraud at Punjab National Bank PNB for seven long years.
Speaking at the Speaking at the ET Global Business Summit in New Delhi today, Mr Jaitley said:” Employees conniving with fraudsters is worrisome” adding that regulators should have a third eye open to detect and check such frauds.
Mr Jaitley said the industry needs to get into the habit of doing ethical business as such frauds are scars and push reforms and ease of doing business to the background. He also slammed bank management for failing to do their job saying inadequate supervision and top management being unaware of what was going on in the bank was worrisome. The Finance Minister said bank frauds push ease of doing business to the background while scars on economy take the front seat.