Qualitative Lending Is The Need Of The Hour
Punjab National Bank (PNB), India’s second-biggest state-run lender, stunned the country’s financial sector when it announced a fraud worth ₹11,400 crore ($1.8 billion) and implicated designer jeweller Nirav Modi of the Gitanjali Group, along with Ami Modi, Nishal Modi and Mehul Choksi.
PNB, which suspected the fraud, began digging into transaction history as branch records did not show any such facility granted to the firms and finally filed a complaint with the CBI on January 29, 2018. The PNB fraud-case did not only shock the entire economy but also served as an eye-opener for exposing the extent of corruption in the Indian banking sector.
Corruption in the banking industry
Corruption is a persistent problem in India. According to the Corruption Perceptions Index prepared by Transparency International and published in 2017, the county is ranked 81 among 175 countries.
There have been various instances when a bank chief’s tenure has been cut short by the government for alleged irregularities. There have been cases of arrests associated with the banking sector as well. Such rampant corruption in the banking sector impacts the overall economy. It leads to depletion in credentials which leads to lack of trust in the economy and defers the general public from saving or investing. When someone like Usha Ananthasubramanian (former CEO of PNB) is found to be involved in the PNB scam, it certainly crushes public trust in the banking system.
Bu hikaye BUSINESS ECONOMICS dergisinin June 1-15, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BUSINESS ECONOMICS dergisinin June 1-15, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
