Free Press Journal

PNB scam: Will chase down whosoever cheats the banking system, says Finance Minister Arun Jaitley

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PTI photo by Subhav Shukla

New Delhi: Breaking his silence over the Rs 11,400 crore fraud at India’s second-biggest bank, PNB, Finance Minister Arun Jaitley today said the state will chase down whosoever cheats the banking system. Without naming Punjab National Bank or the alleged kingpin of the scam Nirav Modi, Jaitley said bank management did not live up to their task as it failed to detect the delinquent.

He went on to blame auditors for being unable to detect irregularities and asked supervisory agencies to assess the system requirement to detect such frauds. He said supervisory agencies should ensure that stray cases are nipped in the bud and they are never repeated.