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