The latest news is on how a billionaire jeweller has committed a Rs. 11,000 crore FRAUD in connivance with employees of Punjab National Bank. As I understand some of the employees of RBI are also under the scanner.
Neither of this is surprising to me. I have first hand experience of the fraud committed by a single individual, Manish Vinodrai Badani with several private banks and the subsequent harassment that I went through by their collection agents and debt management staff. How a single individual manages to take loan/credit card from so many banks, defaults on them and nobody bothers to check his CREDIT SCORE or CIBIL database?
Neither of this is surprising to me. I have first hand experience of the fraud committed by a single individual, Manish Vinodrai Badani with several private banks and the subsequent harassment that I went through by their collection agents and debt management staff. How a single individual manages to take loan/credit card from so many banks, defaults on them and nobody bothers to check his CREDIT SCORE or CIBIL database?
The experience with RBI in escalating these incidents was also not great. In case of HDFC Bank, they did help me with their local Nodal Officer to back-off but by and large RBI seems to be totally clueless and helpless in dealing with the rot that prevails in the banking sector.
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