Financial Daily
from THE HINDU group of publications
Tuesday, April 10, 2001
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Financial Daily from THE HINDU group of publications Tuesday, April 10, 2001 |
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Banking ethics
R. S. Raghavan, e-mail
All the hyper-reactions and press coverage relating to the bank scams will die down in a few weeks. What is the problem? It is fundamental: A bank, under the Banking Regulations Act, 1949, has no business ethics to issue bankers' cheques or pay orders wi
thout receiving money from the applicants.
Considering that hundreds of crores of rupees are involved, all this could not have happened overnight. `Permissiveness' in routine work for too long a time has enabled such frauds.
Banks are `business-houses' and not a playground for employees -- be it the management or staff or external controllers -- to earn their livelihood.
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