‘Include depositors’ nominees in PSU Banks’ boards’

The government should include depositors’ representatives on the boards of public sector banks, Varughese George, national general secretary of Janata Dal United (Sharad Yadav) said in a statement.

Published: 19th February 2018 05:47 AM  |   Last Updated: 19th February 2018 05:47 AM   |  A+A-

money, currency, economy

Image for representational purpose only.

By Express News Service

THIRUVANANTHAPURAM: The government should include depositors’ representatives on the boards of public sector banks, Varughese George, national general secretary of Janata Dal-United (Sharad Yadav) said in a statement. “In view of the PNB scam, the disinvestment of public sector banks should be called off, to checkmate further fraudulent deals and syphoning off money,’’ he said, while also making a forceful plea to set up a Parliamentary Panel to look into the scam.

Pointing out the public sector banks have now become the agency extending massive loans to corporates using the savings amount of small and medium depositors, he said these banks also tax depositors by imposing all kinds of service charges. “It is a fact the PSBs have abandoned their social responsibility and are concerned only about the interests of the corporates and the well-heeled,” he said.

George said the PNB  Director Board owes an explanation to the nation on how such a telling mismanagement had taken place in its stable and the bank’s auditing firm should disclose how a fraud running to several thousand crores had escaped attention.

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