AIBEA demands CBI probe into alleged PNB fraud, questions role of RBI as regulator
Mumbai, Feb 19 (IBNS): The All India Bank Employees Association (AIBEA) has urged the Central government to take stern steps regarding the alleged PNB-Nirav Modi fraud case, even demanding a CBI probe into the matter, according to media reports
According to the AIBEA, action taken against officials from the lower levels in the PNB fraud case will divert attention away from the superior officers.
Business Standard quoted C H Venkatachalam, general secretary, AIBEA, as saying, ""It is very strange that the top management and Board members of the Banks are not covered by any Disciplinary and Conduct Regulations though they take very vital decisions. They are also to be covered by the same set of rules like other officers of the Banks."
The Association has also raised questions about the role of the Reserve Bank of India (RBI) as a regulator, media reports said. It has said that that the RBI conducts regular audits of banks yet it is surprising that they failed to note the fraud considering the time span and the humongous amount.
Incidentally, even before the Indian market has been able to digest the PNB fraud scam, another case has surfaced, with the Central Bureau of Investigation (CBI) filing an FIR against Rotomac pen promoter Vikram Kothari for allegedly defaulting on loans worth Rs. 800 crore.
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