Criticizing the people advocating privatization of the Public Sector Banks, Meera Nangia, Prof of Commerce, Delhi University, remarked, “We need to talk about Corporate Accountability and not just the accountability of Public Sector Banks.” We are not questioning the work ethics of corporates and the lending practices being followed by the banks. The clause of limited liability is allowing the owners to amass wealth, she added.

Prof Nangia was speaking at the public meeting titled ‘Crisis in the Banking Sector: Who Stole? Who Pays?,’ which was organized in the wake of recent PNB fraud, rising NPAs, and the crisis being faced by the Public Sector Banks in general.

3 Comments, RSS

  • Sunanda Sen

    says on:
    March 30, 2018 at 5:34 pm

    A note titled “Who robs India’s Banks?” in The Wire March 16, 2018

    • CFA

      says on:
      April 6, 2018 at 3:35 pm

      Thank you, Prof. Sen, for raising important points on the unprecedented recurrences of fraudulent activities in the financial sector, break-down of prevailing legal safeguards, and the knee-jerk reaction of the elected government in India.

  • Sunanda Sen

    says on:
    April 29, 2018 at 11:20 am

    Thanks for putting up the link

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In a historic 7-1 decision, the U.S. Supreme Court decided in Jam v. IFC that international organizations like the International Finance Corporation of the World Bank Group do not enjoy absolute immunity.

The Court’s decision marks a defining moment for the IFC – the arm of the World Bank Group that lends to the private sector. For years, the IFC has operated as if it were “above the law,” at times pursuing reckless lending projects that inflicted serious human rights abuses on local communities, and then leaving the communities to fend for themselves.

This will be the first time the US Supreme Court has addressed the scope of international organisations’ immunity.

Visit here to know all about the case.