MAKE CREDIT POLICIES STRINGENT

As PNB has been hit with ₹11,300 crore loan fraud, it is evident that there are several loopholes in the credit system. Rules and regulations have gone for a toss. Credit policies must be made more stringent. Credit should be allowed only to those who can invest a minimum of 50% to maintain the promoter’s interest. With such scams coming to light, people will lose faith in banks. How will they know if their money is in safe hands?

Deepak Saraf, Rampura Phul

II

We often see signboards on roadside “sawdhani hati durghtna ghati”. Likewise, when individuals or any institute fail to observe the standard operating procedure, manual drafted for transaction of any work or procedure, frauds are bound to happen. There is no dearth of procedures to be adopted to avoid such frauds but we don’t follow these. This is one such aspect of the problems facing the country. If we go by the recent history of financial bungling, we find that unsuspecting fraudsters flee the country before the fraud is detected. It can’t be a coincidence that the likes of Lalit Modi, Vijay Mallya, Nirav Modi et al flee the country before any inkling of such frauds. There appears to be strong nexus between fraudsters and officials.

Nirmal Chaggar, Mohali

III

Laws are for the poor who languish in jails for petty offences, whereas the powerful and rich are able to escape without punishment. The irony is that the many in the opposition, who are themselves involved in scams, are pointing fingers at the present government. Calling the move historic and pro-poor, banks were nationalised, but many did not support the decision. Time has proved them right. It is time to take some difficult decisions, to rid the nation of corruption.

Usha Verma, Chandigarh