PNB fraud: Govt to chase down those who cheat banking system, says Jaitley

Jaitley also questions role of auditors

Finance Minister Arun Jaitley on Tuesday blamed senior officials of public sector banks (PSBs), lenders’ auditors and the regulator for financial fraud.
 

The management at public sector banks has been found lacking in checking delinquent customers, auditors have “looked the other way”, and the regulator has to ensure that stray cases of financial fraud don’t become the norm, he said. This was Jaitley’s first public statement since the Rs 114 billion fraud at Punjab National Bank came to light.

He said the state will chase down cheaters to the end.

“The prime minister himself said at a Gyan Sangam that