15 C
New Delhi
Sunday 17 November 2019
India Parliament must debate bank frauds issue, says Naidu

Parliament must debate bank frauds issue, says Naidu

Naidu cautioned CREDAI not to allow black sheep and have a self code of conduct to keep defaulters and violators out of its organisation

-

- Advertisment -

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

New Delhi: Vice President M Venkaiah Naidu today said Parliament should function to debate a serious issue of alleged PNB bank fraud by Nirav Modi and others that have damaged the image of the country and led people to question the entire banking system.

Parliament has been repeatedly disrupted ever since it met after the recess to continue the Budget session. Today also, both houses were adjourned in the morning session.

“Two three instances of Nirav Modi, (Mehul) Choksi and Vijay Mallya…but they are damaging the image of the country and they are damaging the image of the system.

“People are questioning entire banking system. Is there a structural failure, is there a collision of people at different levels. If it is so, then why no action is taken,” Naidu said while addressing a realtors’ body CREDAI annual conclave.

He expressed hope that Parliament would function and have a meaningful and constructive debate on this important issue.

Stressing that there is no use in finding fault in whose regime the frauds took place, he said the lawmaker should find out where does the fault lies.

“The issue is of people losing confidence in the banking system. This is the larger issue. Who is accountable and what assurance they are giving to depositors. These are larger issues,” Naidu said.

When the proposal came up for discussion in the Rajya Sabha on bank frauds, Naidu said he had permitted the debate but “unfortunately” discussion is not happening.

India’s second largest lender Punjab National Bank has been hit by a fraud of about Rs 13,000 crore wherein billionaire jewellers Modi and his uncle Choksi allegedly used fraudulent letters of undertaking to obtain credit from overseas branches of Indian banks.

Naidu cautioned CREDAI not to allow black sheep and have a self-code of conduct to keep defaulters and violators out of its organisation.

The law alone will not help in dealing with this disease as there are legal ways to fight cases for years together, he said, adding that the best way is a voluntary code of conduct and whoever violates the norms, such black sheep and fly by night operators should be kept at a distance.

This will enhance CREDAI’s credibility and acceptability. “This is the need of the hour in real estate sector.

PTI

Leave a Reply

Opinion

Anil Ambani: From Status Of Tycoon To Insolvency

Study the career of Anil Ambani, and you will get a classic case of decisions you ought not take as a businessman and time you better utilise

तवलीन सिंह, यह कैसा स्वाभिमान?

‘जिस मोदी सरकार का पांच साल सपोर्ट किया उसी ने मेरे बेटे को देश निकाला दे दिया,’ तवलीन सिंह ने लिखा। क्या आपने किसी क़ीमत के बदले समर्थन किया?

Rafale: One Embarrassment, One Snub For Opposition

Supreme Court accepts Rahul Gandhi's apology for attributing to it his allegation, rejects the review petition challenging the Rafale verdict

Guru Nanak Jayanti: What First Sikh Guru Taught

While Guru Nanak urged people to 'nām japo, kirat karo, vand chhako', he stood for several values while he also fought various social evils

Muhammed Who Inconvenienced Muslims

Archaeologist KK Muhammed had earlier got on the nerves of the leftist intelligentsia for exposing their nexus with Islamic extremists
- Advertisement -

Elsewhere

Dalit worker in Punjab succumbs to barbaric attack

The attackers thrashed Jagmel Singh, a construction worker and Dalit, with rods, plucked his flesh with pliers and forced him to drink urine

Sabarimala reopens to find a jittery communist govt in Kerala

Kadakampally Surendran, Kerala Minister for Cooperation, Tourism and Devaswom, has made it clear Sabarimala is no place for a revolution

तवलीन सिंह, यह कैसा स्वाभिमान?

‘जिस मोदी सरकार का पांच साल सपोर्ट किया उसी ने मेरे बेटे को देश निकाला दे दिया,’ तवलीन सिंह ने लिखा। क्या आपने किसी क़ीमत के बदले समर्थन किया?

Telecom companies may get relief in payment of arrears

Vodafone-Idea and Airtel, which have more than 70 crore subscribers, have reported huge losses in the quarter ending September

Salaries to all on one fixed day of the month: Modi’s latest

The prime minister is overseeing the drafting of the bill to ensure private sector employers do not hold up salaries indefinitely or arbitrarily

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: