Vice-President M Venkaiah Naidu on Friday said the Punjab National Bank (PNB) case has brought a bad name to the system and is an eye-opener.
“What happened with Punjab National Bank and other banks is an eye opener to all of us. There has been some systemic failure, may be because of some individuals... at the same time, it brought a bad name to us, to the system,” he said, and pitched for greater transparency.
Naidu was speaking at the 58th National Cost Convention here organised by the Institute of Cost Accountants of India.
His remarks come at a time when a multi-agency probe is underway in the nearly ₹12,700-crore scam at Punjab National Bank perpetrated by way of fraudulent letters of undertaking (LoUs) and with connivance of some officials.
The Vice-President also emphasised the need for greater transparency, enhanced accountability and ethical corporate governance.
“I know we are living in an LPG era (Liberalisation, Privatisation, Globalisation). If it is not used properly, it may explode,” he said, adding that a small lacunae would affect the system.
Citing the examples of Vijay Mallya, Nirav Modi and others who have cheated the system, Naidu called for a fool-proof system.
“We need to eliminate illiteracy, poverty, gender discrimination, religious fundamentalism and other social evils,” Naidu said.
He said that a country can be called strong, stable and prosperous, provided different sections of the population are all made happy and get equal opportunities.
“Food security is important. You cannot survive on imported food security. You need to have home-grown food security,” he noted.
Speaking on the occasion, Minister of State for Corporate Affairs PP Chaudhary said the role of cost accountants is pivotal in cost compliance and other areas.
Corporate Affairs Secretary Injeti Srinivas pitched for farmers to organise themselves into producer companies so that it would help them in having better control over their produce.