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In India, Politicians Are Accountable, Regulators Are Not: Jaitley

Arun Jaitley slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for years.

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Finance Minister Arun Jaitley 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 no red flag was raised, he said.

Regulators should have a "third eye" open to detect and check such frauds.

Regulators have a very important function, regulators ultimately decide the rules of the game and they have to have a third eye which perpetually be open. Unfortunately, in the Indian system we politicians are accountable but regulators are not. 
Arun Jaitley, Finance Minister 
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Speaking at the ET Global Business Summit, he said the industry needs to get into the habit of doing 'ethical' business as such frauds are "scars" who push reforms and ease of doing business to the background.

Unethical behaviour in the lender-borrower relation has to end, he said. "If needed, laws will be tightened further to punish delinquent persons," he said. 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.

(With inputs from PTI)

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