New Delhi, Aug 21 IANS | 1 month ago

The government will ensure better risk management in state-run banks in the wake of recent scandals involving lending practices, Finance Minister Arun Jaitley said Thursday.


"Some recent instances have been disturbing," Jaitley said addressing the foundation day event of the public sector Indian Bank.

"I would only hope that they are a drop in the ocean and we have all learnt the lessons from such incidents, and there will be no repetition of them," he added.

Earlier this month, Syndicate Bank chairman S.K. Jain was arrested by the Central Bureau of Investigation on charges of taking bribes to sanction a loan to Bhushan Steel Ltd.

The finance minister stressed the need for state-run banks to increase the level of professionalism, as well as to maintain their credibility.

Indian banks have traditionally been both conservative and professional, which has stood them in a good light in the wake of the sub-prime crisis in the US and Britain that brought on the global financial crisis of 2008-09, Jaitley said.

The finance ministry has ordered a forensic audit at the Oriental Bank of Commerce and Dena Bank for misappropriation of deposits by some bank officials.

Besides plans to clean up the boards of banks by inducting professionals, the government is also looking at giving bank chairmen a fixed tenure of up to five years to ensure greater accountability.

(Posted on 21-08-2014)

Share This Page:


Post your comments


Information on States of India:

Andaman Nicobar | Andhra Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |

MORE MAPS OF INDIA:

Airports of India | Districts of India | India Pilgrim Centers | Tourism Map of India | National Highways in India | India Railway Routes |

INDIA CITY MAPS:

Ahmadabad | Bangalore | Chennai | Coimbatore | Delhi | Hyderabad/Secunderabad | Kochi | Kolkata | Mumbai | Pondicherry | Pune | Surat |

KERALA TRAVEL MAPS:

Alappuzha | Ernakulam | Idukki | Kannur | Kasaragod | Kollam | Kottayam | Kozhikode | Malappuram | Palakkad | Pathanamthitta | Thiruvananthapuram | Thrissur | Wayanad |