Page 43 - Banking Finance June 2021

ARTICLE

PARTICIPATIVE

VIGILANCE :

THE EYE OF

PROVIDENCE

C hanakya has rightly said that "Identify traitors either by non-adherence to standard operating procedures

before you hunt for the enemies". In 2018, the
and resulting lapses or,by the presence of corrupt insiders.
Punjab National Bank scam hit headlines, it
These insiders are the Achilles heel of the Indian Banking
rocked the entire Indian Banking sector as it laid
bare the fallacies of the system. It demonstrated that how system. The presence of these traitors is not unique to the
Banking sector, such undesired elements are present in
the presence of very few unscrupulous officials in a Bank can every sector and industry and majority of all frauds are
wreak havoc and hollow out the insides of a system like made possible by them. India is ranked a lowly 80 on the
termites. Modernisation of Banking systems and the Corruption Perception Index as evaluated by Transparency
introduction of computers over the last two decades has International. This shows how the menace of corruption has
increased accountability and put in place a system of checks deeply penetrated the Indian society and is slowly leading
and balances. to a state of decay.

The system has undergone a process of automation and Avarice is a malaise which has no cure, irrespective of how
loopholes have gradually been resolved. The presence of much anyone denies it there exists an Ebenezer Scrooge in
such measures mean that perpetration of fraud is possible everyone as Dickens rightly puts it "Gold conjures up a mist
about a man, more destructive of all his old senses and lulling
to his feelings than the fumes of charcoal." Man may be a
About the author social animal, but he is also a greedy one. You throw a 500
rupee note on a busy street, look away for just a moment,
Baljor Datt Gaur more likely than not the note would have disappeared. In
Assistant General Manager & Faculty such a situation, it becomes imperative that you must not
State Bank Institute of Credit & Risk turn away even for a moment. This constant vigilance is the
Management, SBICRM, Gurgaon
key to securing your interests.

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