Today’s press conference by former union minister Rajiv Shukla raises a grave issue of the scenario in India’s banking sector. Modi Govt’s inaction or utter complacency is witnessed once again with recent reports coming into light regarding the Nirav Modi bank scam.
In a shocking revelation, that effectively punctures Modi Government’s claims of “taking action” against the fraudsters – Nirav Modi accused in the Punjab National Bank scam- the Interpol has written a letter to India’s investigative agencies stating that despite the revocation of his passport on February 24, 2018, Nirav Modi travelled 3 countries. The Congress party demands answers from External Affairs Ministry on how he was able to travel despite govt claims that it was revoked.
Another instance of PM Modi’s silence on this issue is when Nirav Modi shifted his directors from Hong Kong to Cairo. This happened during the same time PM Modi was visiting China, and yet, completely failed to bring up the issue with the Chinese Government. Is the BJP govt deliberately turning a blind eye to this issue and as a result eroding the publics trust in our banking sector.
As a consequence, there has been a sharp decline over the last financial year in monthly receipts from small saving schemes, according to the RBI data. This begs the question – Will the govt now accept its grave highhandedness and bring the fraudsters within the banking system to book?