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.
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.
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.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
On Inauguration Day, President-elect Biden and both the Vice President-elect Kamala Harris will take Oaths of Office at noon, which will be followed by the inaugural address
Indian Army Day 2021: Narendra Modi, Ram Nath Kovind laud soldiers' bravery; history and significance of day
On the Indian Army Day, bravery awards and Sena medals are given to soldiers for their acts of valour
The Biden inauguration had to balance a number of contradictions, including addressing history while looking to the future with the swearing in of Vice President Kamala Harris, the first female, Black and Asian American holder of the office and a major focus of the day’s commentary