PNB fiasco: Industry chambers rap PSU banks’ functioning

“Alleged fraudulent transactions worth Rs 11,300 cr from a single branch of the PNB with the connivance of the junior official(s) shows how vulnerable the Indian banks, especially those in the public sector, have become, with a dangerous potential contagion in the country’s financial system,” Assocham said.  

Similarly, the Federation of Indian Chambers of Commerce and Industry (FICCI) held that fraudsters should be expeditiously punished in accordance with the law. “FICCI defends the freedom of business enterprise but does not support illegal and unethical business practices,” said Rashesh Shah, President, FICCI.