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Nirav Modi and the ₹11400 crore PNB fraud
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<blockquote data-quote="abhi1984" data-source="post: 2145805" data-attributes="member: 38817"><p>I was watching a debate last night and a retired banking guy made a great point. To paraphrase him - " All the fight centred around who was the political Bakra. CPI, Congress were more interested in blaming BJP. While BJP was pointing out how Chidambaram had helped Mallya secured a loan.</p><p></p><p>And during this blame game, everyone missed the most important point - what is wrong with our banking system? Because that is where the issue lies, not with NDA and UPA. If only we reset our mindset to that we can solve this problem. If not, we can play this blame game for long time".</p><p></p><p>In the same vein I also find it the whole hoopla around PMO receiving a letter about Geetanjali. They did the right thing by asking the regional RoC to look into. PMO must be receiving thousands if not crores letters everyday and so their job should be delegating and not putting their hands in every problem. But when I read the news, I can't help but ask - what is the PMO's role in Indian democracy?</p><p></p><p>The issue at hand is how corporate stuff is done in a bank. I know someone who works as a commercial loan officer in SBI. And companies frequently send him gifts, take him out to dinner and sometimes even bribe him to get their shit done. So, while he might make some companies squirm with demands for extra documentation others might get away with less. So, it is completely opaque process how PSU's disburse their commercial loans. Not that private banks are any better.</p><p></p><p>On that end, it is important to note something here. How the hell was it possible to do a SWIFT message without quoting a transaction number. What is (was) their banking software doing really? From what I read their corebanking system, Finacle - made by Infosys, was separate from SWIFT messaging queues. There is no answer yet to why was this the case. Was it banking rules by RBI to build the software like this or bad design during banking implementation of banking software or just plain incompetence by Infosys' software.</p></blockquote><p></p>
[QUOTE="abhi1984, post: 2145805, member: 38817"] I was watching a debate last night and a retired banking guy made a great point. To paraphrase him - " All the fight centred around who was the political Bakra. CPI, Congress were more interested in blaming BJP. While BJP was pointing out how Chidambaram had helped Mallya secured a loan. And during this blame game, everyone missed the most important point - what is wrong with our banking system? Because that is where the issue lies, not with NDA and UPA. If only we reset our mindset to that we can solve this problem. If not, we can play this blame game for long time". In the same vein I also find it the whole hoopla around PMO receiving a letter about Geetanjali. They did the right thing by asking the regional RoC to look into. PMO must be receiving thousands if not crores letters everyday and so their job should be delegating and not putting their hands in every problem. But when I read the news, I can't help but ask - what is the PMO's role in Indian democracy? The issue at hand is how corporate stuff is done in a bank. I know someone who works as a commercial loan officer in SBI. And companies frequently send him gifts, take him out to dinner and sometimes even bribe him to get their shit done. So, while he might make some companies squirm with demands for extra documentation others might get away with less. So, it is completely opaque process how PSU's disburse their commercial loans. Not that private banks are any better. On that end, it is important to note something here. How the hell was it possible to do a SWIFT message without quoting a transaction number. What is (was) their banking software doing really? From what I read their corebanking system, Finacle - made by Infosys, was separate from SWIFT messaging queues. There is no answer yet to why was this the case. Was it banking rules by RBI to build the software like this or bad design during banking implementation of banking software or just plain incompetence by Infosys' software. [/QUOTE]
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