Friday, Mar 29 2024 | Time 16:55 Hrs(IST)
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Business Economy


PNB episode may impact ease of doing business: PHDCCI

New Delhi, Feb 20 (UNI) Industry body PHD Chamber of Commerce and Industry (PHDCCI) on Tuesday expressed concern over the crisis triggered in the banking industry post-Punjab National Bank episode.
"PHD Chamber is surprised how the banks' internal audit system failed to detect anomalies in transactions leading to the alleged fraudulent loans given out to the borrowers," Chamber President Anil Khaitan said in a statement.
Blaming the systemic failure of the internal audit system, Mr Khaitan said the current situation may lead to unnecessary tightening of norms and procedures in raising capital from banks.
He said this will, in turn, hurt the positive sentiment generated in ease of doing business and can impact the policy.
PHD Chamber has also made an appeal to the Reserve Bank of India (RBI) and the banking industry to ensure that genuine borrowers are not adversely impacted by this move.
The PHD Chamber opined that instead of making changes in the loan seeking mechanism, stringent steps should be taken by the RBI to strengthen the banks' internal audit procedures.
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