Those cheating the banking system will be chased down: Arun Jaitley

New Delhi: Finance minister Arun Jaitley said that the state will chase down those who cheat the banking system on Thursday. He added that auditors have to look inwards as to why they were unable to detect irregularities in the PNB fraud case.

Jaitley said: 'Agencies supervising the Rs 11000 crore PNB case need to assess as to what new system has to be put in place to detect the irregularities.'

The finance minister added that the agencies will have ensure that stray cases are nipped in the bud to prevent further frauds.

The Jaitley further stated that when an authority is given to managements then they are expected to utilize it effectively and in the right manner.

The second largest state bank, PNB, recently detected the fraudulent transactions in which jeweller Nirav Modi acquired letters of undertaking (LoUs) from one of its branches in Mumbai for overseas credit from other Indian lenders.

However, Modi has denied allegations levelled against him by PNB.

According to complaint lodged with the police, two officials of PNB fraudulently steered credit to firms linked to Modi and entities tied to Jewellery retailer Gitanjali Gems, led by Modi's uncle Mehul Choksi.

FICCI's MPs delegation visit to UK give positive spin to ties

New Delhi : A FICCI's Forum of Parliamentarians will undertake a five-day visit to London from June 24 to June 28 to build a valuable track 2.0 dialog...

Cyber security, data privacy critical for growth of Digital India

New Delhi : As India continues to leapfrog into the digital revolution and brace the dream of Digital India that Prime Minister Narendra Modi has for ...

Lenovo India names Pankaj Harjai as Director-Tablets

New Delhi : Global technology firm, Lenovo, announced the appointment of Pankaj Harjai as Director- Tablets, as part of the India business.In this cap...

CMD, NSIC launches "Harit Saptah"

New Delhi: Ravindra Nath, CMD, NSIC launched "Harit Saptah" on 21st June 2018 wherein Tree Plantation Campaigns are being organised by all NSIC Branch...