Govt blames RBI, auditors, PNB management for scam

New Delhi, Feb 20: The government will chase down who cheat the banking system, finance minister Arun Jaitley on Tuesday, breaking his silence on the PNB fraud. Billionaire jeweller Nirav Modi is at the centre of the Rs11,400 crore fraud at Punjab National Bank.

“Auditors have to look inwards as to why they were unable to detect irregularities,” said Jaitley on the PNB fraud. “Supervisory agencies need to assess as to what new system has to be put in place to detect irregularities...should ensure the stray cases are nipped in the bud and they are never repeated.”

The finance minister said the management did not live up to the task as they were unable to detect who among them were delinquent. “Number of tax payers, collections have gone up but we are still far away from everyone paying their due tax,” he added.