( Read News given below On Bribery And FD Scam related to Banks ..... This will open eyes and remind you case of Harshad Mehta And Ketan Parekh Who cheated many banks .Positive minded Person should now ponder over whether their positivity is safe or indicative of empty and weak mind which makes one positive. )
Post of ED and CMD used to be auctioned in lacs of rupees and these EDs and CMDs then used to promote such and similar culture in their respective banks. Large scale corruption in loaning , large volume of frauds and lacs of public complains against bank officials could not pull out these dignitaries from hibernation . All officers who have been assigned the task of protecting banks normally use to sleep and enjoy. It will not be an exaggeration If one say so. They comes to senses when there is big exposure and media men cry. Even then they will try to put carpet on the news as far as possible. They will never take initiative to investigate similar possibility of fraud and bribery in other banks.
Draupdi Chirharan used to take place and protecting agencies used to sleep or preach sermons. Banks continued to be looted by bank officials, business men and politicians in nexus with all these regulating agencies who are supposed to be watchdog for banks and who are supposed to be protectors of bank.
I salute Chairman of United Bank who boldly resigned from the post of CMD of United Bank when she found foul game being played in all higher offices and that in her own bank . It is she who scarified the lucrative post of CMD and ignited fire in banking arena. It is she who could speak about volume of NPA in UBI and awakened the officials of RBI and CBI and ministers from their deep slumber and opened the eyes of media pesonnels.
Still there is no doubt to me that all so called big banks are having volume of bad debts concealed and they continue to get blessings from their mentors. It was for the first time that RBI, to get rid of public revolt and media questions ordered forensic audit of United Bank. It is different and Unfortunate that under pressure of senior officials, ministers and politicians , they somehow or the other , again put carpet on findings of forensic audit and just made mockery of word "Forensic Audit" .
??Since then RBI has ordered forensic audit against Allahabad Bank, Syndicate Bank, Dena Bank, Oriental Bank and now against U Co Bank. Very soon they will order forensic audit of Central Bank, Punjab National Bank, State Bank and gradually to all public sector banks. But ultimately perhaps nothing will happen to real culprits.
Because if all culprits are exposed, then they will unite together and call for forensic audit of RBI, Government of India, CVC , CVOs, CAs who used to give good health certificates to all these banks every year despite existence of volume of serious irregularities and deep rooted corruption in almost all banks and in almost all branches.
Not only this they will stop credit growth and puncture dream of GOI of achieving GDP growth of 8 to 10 percent in India. In the past also clever bankers pleaded to keep banks above CVC and CBI and outside the jurisdiction of CVC and CBI. Clever bank officials never accept the ground reality but put entire blame on Global recession and blame the system to hide their evil tasks and they plead so cleverly that no one doubts .??
India is great in culture of certificates and culture of banners and hoardings. Whenever there is any complain from media or public or from customer or shareholders , regulators will ,as a rhetoric and to follow a well established culture issue a letter to the concerned bank and ask for certificate that there is no merit in public complain.
When cobra Post exposed fraud in KYC compliance, all these so called protectors flocked together to put carpet on findings of Cobrapost. One can find numerous hoarding in bank speaking about corruption less banking and saying as if "Honesty is really the best policy" for bankers.
They as a ritual take oath in every November on Vigilance Day and publicise it in newspapers to earn false name and fame in public domain.??In the same way , whenever people of India writes against corrupt officials of any bank, a team of corrupt top officials will join together to provide shield to brother trapped and leave no stone unturned to free him from charges of corruption.
They will manage all certificates and destroy all files, papers and documents which may harm them in future to prove that charges of corruption against alleged officers are not founded, biased ,false and baseless.
This is why none of top officials have ever been punished during last two decades though starting from Harshad Mehta scam several stories of bank scam have come to light It is the culture not only in banks but in all departments of Government that a most corrupt officer or the most inefficient and unskilled officer is entrusted task of investigation whenever pressure comes from above to inquire into charges of corruption levelled against senior officer of the bank. ??
Now CBI have boldly come out against corruption in banks ( not against politicians )after getting powers from Supreme Court. It is CBI which has unearthed the story of bribery in Syndicate Bank and then taken action against other banks too. Before that GOI never gave permission to CBI to proceed against any corrupt officer as if banks are free of corruption.
The obvious reason is that entire government run by Congress Party and UPA was made of corrupt politicians. And hence action was never taken against any corrupt official or any politician despite so much hue and cry made by Team Anna , Ramdeo Baba and other social wings against Coal scam, CWG scam, 2G scam or several other such serious nature scam. Even in coal scam and 2G scam , the then ruling party never accepted that there was any illegality. They thought it better to order hundreds of inquiry against people associated with Team Anna or Team Ramdeo.
Now Supreme court has proved and accepted that there was no legality in allotment of coal mines. Similarly CBI and Supreme court in coming days will prove that there is hardly any loan ,specially in high value loans which are without game of bribery.Not only role of bribe and gift is behind all corrupt dealings, but role of woman and wine have also played big games.
I had several times written in blog that great Prime Minister Manmohan Singh will prove to be disaster for the country and corruption will never end as long as Congress Party will remain in power. I hope now under NDA government led by Mr. Narendra Modi , level of corruption will come down to a great extent . I am fully confident that Mr. Modi , PM and Mr. Jaitley FM will not provide shield to any corrupt top official and politician and allow CBI to perform without any hurdle and without any fear of action from GOI. I however suggest GOI to put CBI also under surveillance of ROW or IB or CVC or some other powerful agencies.
It is not enough for RBI to order Forensic audit, it is the duty of RBI and GOI to ensure time bound action against all erring officials and all erring politicians who promoted bad culture in banks even if persons like Mr. Chidambram or Mr. Mukejee are found on wrong track and required to be punished for giving illegal orders on phones to various ED and CMDs of banks and other PSUs. Once actions starts pouring on top guns, there is no doubt that corruption in lower level will gradually come down.
Last but not the least , To save banks from disaster ,GOI and RBI will have to stop loan waiver culture . They will have to stop culture of bribery and flattery in recruitment and promotion to strike at the root of all malady. GOI will have to completely separate loan and Charity from each other. Charity game from bank which is basically a lender has damaged the culture of lending and to a great extent responsible for rise in corruption and rise in bad debts in PS banks. Act of loan and act of charity can go together.
I like to reiterate here that case of S K Jain CMD syndicate bank trapped by CBI in bribery is only tip of the iceberg. There are hundreds of senior officials who are still away from CBI net . There are several officials who have reached top position only by using wealth, wine and woman. It is proper to point out here that Mr. Jain was trapped by CBI for accepting bribe for sanctioning a loan of Rs.100 crore to Bhusan Steel, a company which got success in getting sanction of loan amounting to Rs.40000 crore by not one or two banks but by 35 banks. Further is not isolated cases of Bhusan Steel only whose Rs.40000 crore is likely to be bad , but there are several such cases which either already turned NPA or are almost on the verge of it.
It is not isolated case of S K Jain whose marks were inflated by Interview panel and who got full marks in Annual appraisal Reports b his appraiser and by reviewing authority despite several cases of irregularities and corruption associated with Mr. Jain as because name of Mr Jain was recommended by some Minister for the post of CMD. In public sector banks . all promotions right from scale I to III or from II to III or from III to IV and so on takes place on the basis of recommendation on officer possesses and on the basis of power of lobby he or she is associated.
There are many trade union leaders in many banks who act as middlemen between Interview panel members and promotion aspirants. Culture of changing marks in Annual Interview marks and giving full marks in Interview is nothing new in banks. This is normal phenomenon in all promotion processes taking place in banks. 'Ye mera admi hai' , 'ye netaji ka admi hai', 'ye GM or DGM sir ka najdiki hai' etc are common terminology which are tagged with flatterer officials and people predict success of such officers in promotion process much before result is out. For higher post, officers use the services of ministers, IT bigwigs,RBI big bosses etc.
Bank management always talk of merit oriented policy but in fact they never give respect to merit. There are hundreds of thousands of officers who have been sidelined like Ashok Khemka by Harayana government. There are many officers who have left taking part in promotion process and decided to lead a peaceful life in remote centres and spend time at corner tables kept for such officers who do not follow the current of corruption. Many officers decide to resign when torture and injustice cross the limit. Frequent transfers of such officers is not new phenomenon in banks as Mr. Ashok Khemka was subjected to by state government in Haryana to keep High command Sonia Happy.
I therefore always say that power of promotion and transfer is the root of bribery and flattery.
CBI registers two PEs in Syndicate Bank case-Indian Express
The Central Bureau of Investigation (CBI) has started two new enquiries into role of middleman Pawan Bansal, an accused in the Syndicate Bank bribery case in alleged easing of loan conditions and credit facilities for corporates from UCO Bank and Bank of Maharashtra.
CBI sources said the enquiries will look into alleged irregularities in the extension of credit facilities by UCO Bank and Bank of Maharashtra in the borrowers account facilitated by Pawan Bansal of Altius Finserve, an accused in the Syndicate Bank bribery scandal, and his associates.
The agency had arrested Bansal in a bribery case related to Syndicate Bank CMD SK Jain who was arrested for allegedly taking a bribe of Rs 50 lakh for increasing credit limit in violation of banking rules.
During Bansal’s interrogation he revealed his role in facilitating similar arrangements for other corporates.
Bank credit: CBI to probe irregularity charges -Hindu Business Line
New Delhi, August 28:
The Central Bureau of Investigation (CBI) has registered two preliminary enquiries (PE) into the alleged irregularities in providing credit facilities to corporates by two public sector banks, UCO Bank and Bank of Maharashtra.
“These PEs will look into alleged irregularities in the extension of credit facilities by UCO Bank and Bank of Maharashtra in the borrowers’ account facilitated by Pawan Bansal of Altius Finserve, an accused in the Syndicate Bank bribery scandal, and his associates,” a CBI official said.
Earlier this month, Bansal was arrested along with then Chairman and Managing Director of Syndicate Bank SK Jain in a bribery case.
A PE is registered when a complaint is received or information is available which may, after verification, indicate serious misconduct on the part of a public servant but is not adequate to justify registration of a regular case (RC) under the provisions of the Code of Criminal Procedure (CrPC).
A PE may be converted into an RC as soon as sufficient material becomes available to show that prima facie there has been commission of a cognizable offence. When the verification of a complaint and source information reveals commission of a prima facie cognisable offence, a regular case is to be registered as is enjoined by law
During the interrogation of Bansal, CBI had got to know about his role in facilitating similar arrangements for corporates with other banks, agency officials said. The CBI has alleged that in order to expedite results, one of the accused companies Prakash Industries had earlier agreed to pay huge sums of money to Bansal for utilising his services and it was agreed he would take care of further payments to Jain.
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