It could be felicitation time for honest bank executives. The finance ministry has asked investigative website Cobrapost to provide the names and details of banking executives, especially at public sector banks, who carried out their duty diligently, without any compromise.
Until now, the website's expose has only highlighted non-compliance and corruption in banks. Sources said there have been several other executives who stood their ground and refused to compromise. The government is looking to provide "recognition" to these employees.
"We have sought the names of those employees who stood their ground and carried out their duty with diligence so that we can provide some sort of recognition as they must be encouraged while others too need to be given their examples," a senior finance ministry official who did not wish to be identified told HT.
Though there is no plan to provide such officers with monetary incentives, the government is keen to single them out for praise for their conscientiousness.
The finance ministry has directed public sector banks to do a detailed scrutiny on their operations to ensure that all prudence norms are adhered to. Cobrapost, which highlighted that private sector lenders including HDFC Bank, ICICI Bank and Axis Bank were indulging in non-compliance and money laundering, later went on to reveal that several public sector banks and insurance companies including State Bank of India, Punjab National Bank, IDBI, Bank of Baroda and LIC were also engaged in money laundering.
{{/usCountry}}The finance ministry has directed public sector banks to do a detailed scrutiny on their operations to ensure that all prudence norms are adhered to. Cobrapost, which highlighted that private sector lenders including HDFC Bank, ICICI Bank and Axis Bank were indulging in non-compliance and money laundering, later went on to reveal that several public sector banks and insurance companies including State Bank of India, Punjab National Bank, IDBI, Bank of Baroda and LIC were also engaged in money laundering.
{{/usCountry}}While the finance ministry has asked the government banks to do a thorough scrutiny on their operations, the income tax department has issued summons notices to some private banks.