{"id":51685,"date":"2018-02-25T15:53:50","date_gmt":"2018-02-25T10:23:50","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=51685"},"modified":"2018-02-25T15:53:50","modified_gmt":"2018-02-25T10:23:50","slug":"finance-minister-arun-jaitley-slams-regulators-failure-detect-pnb-fraud","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/finance-minister-arun-jaitley-slams-regulators-failure-detect-pnb-fraud","title":{"rendered":"Finance Minister Arun Jaitley slams regulators&#8217; failure to detect PNB fraud"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"286\" height=\"176\" data-attachment-id=\"51697\" data-permalink=\"https:\/\/www.legalindia.com\/news\/finance-minister-arun-jaitley-slams-regulators-failure-detect-pnb-fraud\/arun-jaitely-2\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?fit=286%2C176&amp;ssl=1\" data-orig-size=\"286,176\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Arun Jaitely\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?fit=286%2C176&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?fit=286%2C176&amp;ssl=1\" class=\"alignleft size-full wp-image-51697\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?resize=286%2C176&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?w=286&amp;ssl=1 286w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/02\/Arun-Jaitely.jpg?resize=150%2C92&amp;ssl=1 150w\" sizes=\"auto, (max-width: 286px) 100vw, 286px\" \/><\/a>Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable.<\/p>\n<p>Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that no red flag was raised.<\/p>\n<p>Regulators should have a &#8220;third eye&#8221; open to detect and check such frauds.<\/p>\n<p>Speaking at the ET Global Business Summit, he said the industry needs to get into the habit of doing &#8216;ethical&#8217; business as such frauds are &#8220;scars&#8221; and push reforms and ease of doing business to the background.<\/p>\n<p>Unethical behaviour in the lender-borrower relation has to end, he said. &#8220;If needed laws will be tightened further to punish delinquent persons.&#8221;<\/p>\n<p>He also slammed bank management for failing to do their job saying inadequate supervision and top management being unaware of what was going on in the bank was worrisome.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable. Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51697,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1954],"tags":[20371,31987,2110,37149,41657,41734,18927,41792],"class_list":["post-51685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-profile-cases","tag-arun-jaitley","tag-featured","tag-finance-minister","tag-finance-minister-arun-jaitley","tag-pnb-fraud","tag-pnb-fraud-pmla-case","tag-punjab-national-bank","tag-rs-11400-crore-fraud-at-punjab-national-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Finance Minister Arun Jaitley slams regulators&#039; failure to detect PNB fraud - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, - Get the latest legal news from the Supreme Court, High Courts, and government. 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Advocates from both the sides indulged in a heated argument over non-appearance of Jaitley after chief metropolitan magistrate (CMM) Sumit\u2026","rel":"","context":"In &quot;High Profile Cases&quot;","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2017\/03\/Arvind-Kejriwal.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":37241,"url":"https:\/\/www.legalindia.com\/news\/pm-modi-launches-mudra-bank-under-pradhan-mantri-jan-dhan-yojana","url_meta":{"origin":51685,"position":3},"title":"PM Modi launches Mudra bank under Pradhan Mantri Jan Dhan Yojana","author":"Legal India Admin","date":"April 8, 2015","format":false,"excerpt":"Prime Minister Narendra Modi on Wednesday launched Mudra (Micro Units Development and Refinance Agency) bank under the Pradhan Mantri Jan Dhan Yojana. 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