Why bank rules differ for the public and fraudsters?When the country's banks are reeling under non performing assets the last you want to hear is another bad news that would be a blow to the banks that are staggering with huge support from the Government as part of the bailout plans.
Today Punjab National Bank was in the news with a fraud of Rs 11,334 crores detected at a Mumbai Branch. This is a big blow as the bank already has lower than expected earnings in the last quarter. Today alone the loss of the share investors amounts to Rs 3844 crores. Furthermore, there could be other banks involved. Ultimately, the bail-out plans ( tax-payer's money) will have to be increased.
For the common man, we need hundreds of documents, many layers of scrutiny to get a simple loan of few thousand to a few lakhs, we are hounded for our EMI payments. Yet such mega crore frauds happen at the same banks. Why are the rules different? Who is accountable? Can we attach the wealth of all involved to recover the public money?