few weeks back, Bloomberg UTV revealed that the country's public sector banks have reported frauds amounting to nearly Rs 9,000 crore to the Reserve Bank of India. But that's not all! PSUs have also informed the RBI that out of this, nearly Rs 600 crore was siphoned off in home loan segment alone and this only in the last three years. So is public money safe in PSUs?..........
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1 comment:
While the concern is appreciated,let us also remember PSBs have a transparent reporting system. Beyond frauds, financial institutions both inprivate and public sector are forfeiting account-holders' money in the name of 'inoperative accounts', unclaimed deposits and so on where the amounts involved are much larger.There is no public sector-private sector or government divide in appropriating small depositors' funds.The numbers and amounts mentioned here will make sense only if comparative figures of private sector banks as also the types of clientele these banks are handling are also discussed. M G Warrier, Thiruvananthapuram
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