PNB fraud: Jewellery export body for uniform lending rules at all banks

In a letter addressed to Arun Jaitley, GJEPC suggests a meeting should be convened of all bank chiefs

The Gems and Jewellery Export Promotion Council (GJEPC) has some suggestions for avoiding a repeat of the Punjab National Bank (PNB) scam.

The body, operating under the aegis of the Union Ministry of Commerce, has recommended to the Ministry of Finance that a uniform lending standard should be adopted across banks.

In a letter addressed to Finance Minister Arun Jaitley, GJEPC suggests a meeting should be convened of all bank chiefs to address the differences in existing guidelines amongst them, and draft a new one for all banks.

GJEPC represents 95 per cent of the $43-billion diamond jewellery trade in India, with 6,500 members,