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State duty-bound to bring PNB scamsters to justice: Jaitley | ||||||||
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In the wake of the Rs 11,300 crore ($1.8 billion) Punjab National Bank (PNB) scam allegedly involving diamond merchant Nirav Modi, Union Finance Minister Arun Jaitley on Tuesday said the state was duty-bound to ensure those cheating the system are brought to justice. He said the scam had highlighted the failure of the Indian banking regulator, on whom it is now incumbent to institute a mechanism to ensure that such scams do not recur. "Therefore, call it a moral hazard. Any system of banking functions on trust... but this blurred itself out when a not-so-ethical section of society did not feel the responsibility to pay (back)," the Minister said while referring to non-performing assets (NPAs), or bad loans, of government banks which are proving to be a major roadblock in the revival of private investment and affecting the state's capacity to fund development. | ||||||||
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