AMN / NEW DELHI
Breaking his silence over India major bank scam, Finance Minister Arun Jaitley today said, it should be ensured that cases like Punjab National Bank fraud do not repeat in future.
Addressing a function in New Delhi, Mr Jaitley said, the government has given authority to bank management to work with autonomy but with greater accountability.
He said, the management has failed in performing this responsibility.
The Minister emphasised that banking system depends on trust between borrower and lender. He said both internal and external auditors failed to detect the discrepancies.
He said, the supervising agencies need to introspect on what has to be done so as auditors perform efficiently.
The Minister said, that there are emerging challenges in the banking sector and Non Performing Assets is a major challenge.