PNB case brought bad name; an eye opener: Venkaiah Naidu

Vice President M Venkaiah Naidu today said the developments at Punjab National Bank (PNB) has brought a bad name to the system and is an eye opener as he pitched for greater transparency and ethical corporate governance.

"What happened with Punjab National Bank and other banks is an eye opener to all of us. There has been some systemic failure, may be because of some individuals... at the same time, it brought a bad name to us, to the system," he said.

Naidu was speaking at the 58th National Cost Convention here organised by the Institute of Cost Accountants of India.

His remarks come at a time when a multi-agency probe is underway in the nearly Rs 12,700 crore scam at Punjab National Bank perpetrated by way of fraudulent letters of undertaking (LoUs) and with connivance of some officials.

The Vice President also emphasised the need for greater transparency, enhanced accountability and ethical corporate governance.