No one noticing the fraud until the loss targets to 1.8 billion dollar equivalent to Rs 11500 crore from a branch of Punjab National Bank in Mumbai, is surprising. The incident shows our banking system is so fragile that anyone could siphon away bank's money very easily and cunningly.
Because of huge non-performig assets Indian banking system is already in trouble. Those ordinary investors who put their money in Indian bank stocks are now sitting with crossed fingers for the folly they committed. With this latest fraud bank stocks have nose-dived and investors lost several thousand crores. Though the matter is now under the enquiry of law enforcement agencies the investors are doubtful of getting back the money.
If this is the fraud in a single bank branch the quantum of forgery in all the bank branches in India is beyond one's imagination. Investors, hereafter, instead investing in banks and bank stocks, keep their money under their pillow. Unscrupulous are the banking authorities in India.
K A Solaman
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