PNB scam: Sensationalizing crimes

Protect institutional integrity

What is now commonly known as PNB scam is shaking people's confidence in the Indian Banking System, thanks to the media efforts to cash in on sensationalizing crimes.
Communities world over have lived with certain levels of corruption and unethical practices across every stratum of hierarchies for ages. This observation is not meant to justify PNB scam. The emphasis is on the futility of expecting insulated compartments in sectors or organizations which will be immune from the ills prevailing in the society at a particular point of time.
Having said that, let me recall a portion from a brief New Year Message circulated among his colleagues by RBI Governor Urjit Patel in January 2017. It reads:
“….let me emphasize that one thing we should all zealously guard is the integrity and reputation of our organization and any act belittling the same should deserve zero tolerance from all of us…”
PNB is the second largest public sector bank in India. If things have gone wrong in one pocket or some pockets, definitely quick corrective action should be taken. But that should not affect the morale of the organization and no negative signals should emanate about the integrity and trustworthiness of Indian Banking System. There are talks about the public sector and private sector. Corruption has no reserved constituencies.
In sum, whatever be the operational modalities, the surgery in PNB should be restricted to identifiable malignancies and should be carried out with minimum damage to the net-worth and reputation of that bank. Banking business, like the diamond business, is dependent on the faith of the clientele in the service provider.
M G Warrier, Mumbai


S.K.Gupta said…
I hold your well meaning observations in the context of PNB's unimaginable scam in high esteem. But for sure, MoF should obviously own its responsibility for being a passive onlooker all through these long years. How come that it never shies of holding either the internal and/or external regulators of the banking sector as main accused in such a situation? How could it exonerate itself from its onerous responsibility of letting the internal operational mechanism of PNB being so frequently manipulated as per the whims and choices of some powerful "insiders" in active collusion with the ultimate beneficiaries thereof?
How could the entire team of M/s Viral Modi and Co so easily made good their escape like Vijay mallya, Lalit Modi and many more had done earlier? Will any repeatedly beating about the bush at this late stage serve any purpose in this case too? Who knows, this case may also remain embroiled in some legal controversies and procedural inaccuracies with no light at the end of the tunnel? But then, it's India of my dreams, which is better known as an incredible nation.

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