And for a Friday of a big bank fraud – 11,300 crores siphoned from PNB….. some thoughts…..
Courtesy economictimes.indiatimes.com
Basic Management principle in any crisis….. the Responsible Decision centre, in this case the RBI, must immediately restore confidence in the system. All international payments and banking commitments will be honoured. Deal with PNB and its Management later. Punish the guilty swift and fast….. no Motherhood Statements.
There is nothing shocking or new in this episode. It’s one more pang of a developing democracy. The main problem is the same, criminalisation of Politics and Corruption.
Let not our Political leaders and Bureaucrats rush to push in more regulations and further stringent controls. Problem is not the absence of Systems and Control procedures but the honest implementation of existing rules. More harsher the rules, the unscrupulous business man is happier. He will Bribe the officials and get more competitive advantage. Corruption is the root problem.
What we need is, as a Society, to improve our standards of Ethics. The unwillingness to be corrupted is a function of the moral principles that govern individual behaviour. INABILITY to be corrupt is the result of systems and procedures, strict monitoring and Audit and fear of the law.
Let us all resolve to take every step to fight Corruption and build a strong nation….. the Ethical way….. the Legal way…… the SEEGOS way.