NEWS & ADVICE : HOME LOANS
Chief manager of PNB arrested for taking bribe
By Joseph Samson
Jul 27, 2011
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The chief manager of a branch of Punjab National Bank in Ludhiana has been arrested on charges of accepting bribefrom a customer.

The accused, Ram Niwas Malik was caught red handed by Vigilance Bureau (VB) of Ludhiana for accepting bribe worth Rs 50,000.

The customer had lodged a complaint with the police that he was been pestered for bribe for getting his loan installment sanctioned.

The customer, Baldev Singh owns a dairy farm and wanted a loan worth Rs 1.35 crore. He had received Rs 64 lakh in various instalments.

When Singh next went to the bank to get his next installment released, he was asked for a bribe worth Rs 1.5 lakh for the same which was later settled on Rs 1 lakh to be given to him in two installments.

The manager now caught, a case has been registered against him, police said.

 

 


(Comments Posted : 1) Post Your Comments
1. Role of ministers and top RBI officials in the process of selection and appointment of ED, Director and CMD of a bank may also be looked into to know the truth that corruption flows from the top and not flows up from bottom to top.

Where lies the root cause of sickness of any branch or bank need to be ascertained as soon as possible to safeguard banks in India and it is wise not to believe entirely on financial data furnished by various clever bankers in different format.

Need of the reformation era is to punish bad bankers as soon as possible, even to those who is retired from ban leaving behind large amount of bad assets and to demote ill motivated top ranked officers to demonstrate the effectiveness of monitoring mechanism and to send a clear message down the level that those who indulge in bad or bribe based lending, bad recruitment, who are involved in bribe based promotion and bribe based posting will not be spared in banking industry.

Here it is worthwhile to mention that in the recent past financial report of SBI faced drastic change, sharp rise in NPA and sharp fall in profit just after change of Chief of the bank. Similar situation takes place more often than not in the branches after the change of Branch Head As long as Bank management will continue to provide shield to corrupt officials and adopt hide and seek policy bank as a whole will continue to face erosion in health and incur loss after loss,

It is therefore desirable to nip in the bud and take corrective steps before it is too late. In USA more than 100 banks were closed after the collapse of Lehman Brothers and after financial crisis of 2008. As a matter of fact the so called financial crisis occurred only due to lack of proper monitoring by regulators in USA.
danendra jain (Posted: Jul 31, 2011)
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