PARTICIPATIVE VIGILANCE : THE EYE OF PROVIDENCE

Chanakya has rightly said that Identify traitors before you hunt for the enemies. In 2018, the Punjab National Bank scam hit headlines, it rocked the entire Indian Banking sector as it laid bare the fallacies of the system. It demonstrated that how the presence of very few unscrupulous officials in a Bank can wreak havoc and hollow out the insides of a system like termites. Modernisation of Banking systems and the introduction of computers over the last two decades has increased accountability and put in place a system of checks and balances.

- Baljor Datt Gaur

The system has undergone a process of automation and loopholes have gradually been resolved. The presence of such measures mean that perpetration of fraud is possible either by non-adherence to standard operating procedures and resulting lapses or, by the presence of corrupt insiders. These insiders are the Achilles heel of the Indian Banking system. The presence of these traitors is not unique to the Banking sector, such undesired elements are present in every sector and industry and majority of all frauds are made possible by them. India is ranked a lowly 80 on the Corruption Perception Index as evaluated by Transparency International. This shows how the menace of corruption has deeply penetrated the Indian society and is slowly leading to a state of decay.

Avarice is a malaise which has no cure, irrespective of how much anyone denies it there exists an Ebenezer Scrooge in everyone as Dickens rightly puts it Gold conjures up a mist about a man, more destructive of all his old senses and lulling to his feelings than the fumes of charcoal. Man may be a social animal, but he is also a greedy one. You throw a 500 rupee note on a busy street, look away for just a moment, more likely than not the note would have disappeared. In such a situation, it becomes imperative that you must not turn away even for a moment. This constant vigilance is the key to securing your interests.