Bank Union wants CBI probe into PNB fraud, alleges RBI failed as regulator

The Union also alleged that the RBI has failed to fulfill its role as a regulator of the banking sector

All India Bank Employees Association (AIBEA) has demanded a CBI probe into the PNB fraud case and hasalso sought a parliamentary probe to rid banks of ‘NIMO’nia ailments in future. It has asked the Centre to keep the top management away from PNB until the probe is complete.  

At a time when banks are facing the problem of huge irrecoverable bad loans and getting into losses due to provisions to be made from the profits earned, the PNB – NIMO fraud has exposed the increasing trend of corporate loot of banks, said C H Venkatachalam, general secretary, AIBEA.