Over 10,000 crore banking fraud at Punjab National Bank does not come as a surprise and is just an tip of the iceberg of more to be unearthed in our banking system in the times to follow. Most of it is in the public sector banks and the political class is to be blamed as they use their clout and have a say in who gets the pie when big loans are sanctioned. These loans are never repaid and become NPA’s which than are treated as bad loans and written off.
The burden of such bad loans and write offs than fall on the shoulders of the honest tax paying citizens of the country from whom the government recovers this money in some form by way of additional tax and cess in every budget. Common man finds it difficult to get loans of even a few thousands but big scamstars get billions sitting in their homes. Prime Minister Narendra Modi should take this issue of banking frauds seriously and everybody involved including banking employees, bureaucrats as well as politicians should be put behind bars if found guilty!
(The views expressed by the author in the article are his/her own.)