Editor's Picks(1-4 of 12)
ED CMD PSU BANK
On 24th November CBI charged several high rank officers of bank and LIC housing Finance Company of lending huge money to real estate builders after taking bribe. Several banks have been charged of wrong lending in case of 2G spectrum related case .Even Supreme Court has passed adverse remarks against bankers. When top bankers are corrupt there is no doubt that a culture of corruption is wide spread in that bank in particular and in PSU banks in general. Still RBI, Ministry of Finance and government of India as a whole is silent on taking punitive action. Had it a been a clerk or a simple officer, top management could have suspended him immediately.
Is Finance Minister not responsible and accountable for selection of wrong and corrupt ED and CMD for a bank? Why General Manager rank officers alleged to be involved in corruption and charged by CBI are allowed to continue in their post or even promoted is a million dollar question. It speaks how much deep rooted is the cancer of corruption in the banking system in particular and in government departments in general.
Banks ask for equivalent or even more amount of collateral security and guarantors even for financing a few lac or a few crores of rupees to common business men. But they thought it safe to finance thousands of crores of rupees to telecom companies. Why?