Govt gave authority to bank to work with autonomy but with accountability: Jaitley on PNB scam
New Delhi, Feb 20 (IBNS): Reacting to the Punjab National Bank (PNB) scam, Union Finance Minister Arun Jaitley on Tuesday said the government has given authority to banks managements to work with autonomy but with greater accountability.
Jaitley made the comment while addressing the Annual Meeting on Tuesday.
Highlighting the ethics of banking system, Jaitley said: "The system of banking depends on trust , the relationship of borrower and the lender.."
He has also hit out at the auditors saying they should "introspect" to stop further financial wrongdoings in the country, media reports said.
The government on Friday announced that the passport of the fugitive billionaire Nirav Modi, the prime accused in the Rs. 11,292-crore Punjab National Bank fraud case, and his business partner and maternal uncle Mehul Choksi have been cancelled for four weeks.
Modi, who is in the centre of a huge storm, reportedly left the country in January, much before the scam came to light.
According to media reports, he is now in New York.
Meanwhile, Interpol has issued diffusion notice against Modi, his wife Ami, brother Nishal and partner Choksi.
While the Central Bureau of Investigation (CBI) has registered two cases against Modi, the Enforcement Directorate (ED) has reportedly seized gold and diamond worth Rs 5,500 crores from the searches conducted at 17 properties of the diamond merchant across India.
On Feb 14, the CBI received complaints from PNB, which detected a Rs 11,292 crore fraud involving Modi.
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