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The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system.
The recent judgment of the Trial Court in the matter of 2G scam denotes yet another failure of the conscience and consciousness of the nation because it did not invoke enough strong protest from the general public. Political expediency should not be allowed to sabotage and suppress the truth and allow the perpetrators of a crime to go unpunished.
What makes people react so spontaneously to whatever that this one and the only man does? No political leader worth the name in the entire nation draws so much attention than the controversial and mercurial personality called Narendra Modi.
Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Development Bank.
Various recommendations have been made by various study groups appointed by Government of India and RBI to arrest the incidents of accounts becoming NPA and circulars are being issued by RBI from time to time giving directions and guidance to banks and financial institutions on the steps to be taken to prevent slippage of NPA.
Supreme Court of India in its judgment on In Olga Tellis vs. Bombay Municipal Corporation (AIR 1986 SC 180 AT 193) observed, The question which we have to consider is whether the right to life includes the right to livelihood. We see only one answer to that question namely that it does.
Reserve Bank of India introduced the scheme of wilful defaulter in pursuant of the instructions of Central Vigilance Commission during the year 1999 and subsequently modified as per the recommendations of the Working Group constituted by RBI in consultation with the Government in the year 2002.
The advent of banking reforms in India has brought the concept of NPA (Non Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed by the bank.
Whether the present education system available to the students is conducive to fulfill their aspirations and congenial to equip them to face the challenges of the unknown future.
The Indian ethos accords the highest importance to truth. The motto Satyameva Jayate (Truth alone succeeds) is inscribed in our National Emblem Ashoka Sthambha. Our epics extol the virtue of truth. Gandhiji gave us truth – as the righteous means to achieve independence by launching the movement of Satyagraha