Moumita Dutta, Joint Secretary, AIBOC, highlighted that RBI was also responsible for the scam. She asked, “What is the need of LoUs by RBI when the Buyer Credit already exists?” Emphasising that the Banks need to undergo several audits every year. She argued that the 11,000 crores cannot be given without the collusion of the Bank Board. She revealed that in the Bank Boards, the posts of Employee Director and Worker Director — which represent unions and people– are lying vacant for long. These directors, due to their union background and touch with the employees, help in better supervision. She 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.

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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.