The letter also advised against transferring bank staff in a knee jerk reaction to the scam
The Letter of Undertaking (LoU) scam that has hit the Punjab National Bank (PNB) recently, is being used unfairly to paint all Public Sector Banks (PSBs) in a bad light, a top union of bank employees wrote to Union Finance Minister Arun Jaitley recently. The letter also advised against transferring bank staff in a knee jerk reaction to the scam.
"All PSBs and their workforce are being painted with an uncharitable black brush. The entire banking sector stands exposed as to its credibility and reputation of being trustees of public money. The huge PNB fraud caused on account of the wanton corrupt activities of Nirav Modi in collusion with some bank officials at different levels and compounded by gross negligence in supervision at multiple levels of management, RBI not excluding. The role of auditors also cannot go unquestioned," wrote CH Venkatachalam, secretary general of All India Bank Employees Assoiciation (AIBEA) in the letter.
He suggested a meeting of all stakeholders to repose the faith and confidence of the common public in general and banking clientele in particular. He also drew attention to the knee jerk reaction of ordering mass transfers of bank staff at this juncture by Central Vigilance Commissioner (CVC). "We have no conflict with the CVC guidelines as they are well-intended. Every year banks undertake the process based on 31st March cut-off. But there is so much of over-reaction as March is the last month of fiscal and the workforce is busy in mobilising as much business as possible, as much recovery is made as possible and as much income is generated as possible. Bank managements are also busy to ensure that the Balance Sheet as on 31-3-2018 is made as best and healthy as possible," said Venkatachalam.
AIBEA MEET
The All India Bank Employees Association suggested a meeting of all stakeholders to repose the faith and confidence of the common public in general and banking clientele in particular.
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