Vice-president Venkaiah Naidu says Punjab National Bank scam brought bad name to system, calls it an eye opener

Vice-president M Venkaiah Naidu, on Friday, said the developments at the Punjab National Bank (PNB) has brought a bad name to the system and is an eye opener as he pitched for greater transparency and ethical corporate governance.

PTI March 16, 2018 12:56:55 IST
Vice-president Venkaiah Naidu says Punjab National Bank scam brought bad name to system, calls it an eye opener

New Delhi: Vice-president M Venkaiah Naidu, on Friday, said the developments at the Punjab National Bank (PNB) have brought a bad name to the system and is an eye opener as he pitched for greater transparency and ethical corporate governance.

"What happened with Punjab National Bank and other banks is an eye opener to all of us. There has been some systemic failure, maybe because of some individuals... at the same time, it brought a bad name to us, to the system," he said.

Vicepresident Venkaiah Naidu says Punjab National Bank scam brought bad name to system calls it an eye opener

File image of Vice-President Venkaiah Naidu. PTI

Naidu was speaking at the 58th National Cost Convention in New Delhi organised by the Institute of Cost Accountants of India.

His remarks come at a time when a multi-agency probe is underway in the nearly Rs 12,700 crore Punjab National Bank scam that was perpetrated by way of fraudulent Letters of Undertaking (LoUs) and connivance with some officials.

The vice-president also emphasised the need for greater transparency, enhanced accountability and ethical corporate governance.

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