New Delhi, Feb 23 (PTI) The All India Bank Officers Confederation (AIBOC) today alleged that most financial scams take place due to loopholes in the system.

At a public meeting here on “Crisis in the Banking Sector”, the confederation, along with other associations and trade unions like the Centre for Financial Accountability, the National Alliance of Peoples Movement and the New Trade Union Initiative, looked into recent financial scams and held talks on the “legal loot of the public money”.

“Why the RBI, the finance ministry, the CVC and others in the government wake up only when a major scam surfaces? Why are we not analysing the failure of the system? What is the role of the government and its policies which cause system failures and scams? There have been Harshad Mehta scam, Ketan Parekh scam and the NPA scam due to misuse and loopholes in the system,” D T Franco, general secretary of AIBOC said.

While discussing the topic, the panellists also dwelt on the issue of privatisation of banks, which they alleged had been advised by the chief economic adviser to the Centre.

During the meeting, some suggested that the government publish the names of bank loan defaulters and direct the banks to write to the home minister to make an entry in the passports of the directors of these companies so that they cannot flee the country. PTI CSN IJT IJT –

The original story can be accessed here.

Your email address will not be published. Required fields are marked *

*

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.