| Author | Message | ||
Sp1234 Side Hero Username: Sp1234 Post Number: 8048 Registered: 11-2014 Posted From: 70.102.136.132 Rating: N/A |
anni PSU banks ni privatize cheyali ..ledha commercial and corporate loans ivvakunda choodali. janam dabbe kadha lekka pathram undadhu. | ||
Nice Hero Username: Nice Post Number: 18486 Registered: 05-2009 Posted From: 115.112.100.11 Rating: N/A |
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Pavala Megastar Username: Pavala Post Number: 28549 Registered: 02-2008 Posted From: 165.225.64.61 Rating: N/A |
typical chiddu gaadi sketch idhi....eedu deshaniki pattina daridhram Mahesh performance lo 10% kooda Chiru cheyyaledu.... - New_user Spyder - Critically acclaimed disaster - New_user | ||
Bharat Side Hero Username: Bharat Post Number: 5184 Registered: 06-2015 Posted From: 136.56.8.169 Rating: |
roju podhunne levagaane desham lo unna bank account books chusthadaa Modi? | ||
Teenmaar Side Hero Username: Teenmaar Post Number: 4466 Registered: 02-2011 Posted From: 74.90.146.95 Rating: |
Modi mark is clearly visible in this scam .. he is going out of control .. now punjabis should plan something on bank of baroda | ||
Legend Username: Twitter Post Number: 57375 Registered: 10-2009 Posted From: 66.194.212.162 Rating: N/A |
mee banki balance emanna thaggindha  | ||
Rajusk Legend Username: Rajusk Post Number: 61503 Registered: 02-2008 Posted From: 170.74.231.22 Rating: N/A |
2017 daaka RBI governor Nippu Nagarajan kada..em chesado mari.. | ||
Vjawarrior Legend Username: Vjawarrior Post Number: 33954 Registered: 02-2014 Posted From: 69.193.105.226 Rating: N/A |
finance ministry, rbi ki telikunda untadaa bro idi... modi is friends with adani/ambani..adi gurtupettuko.... | ||
Rajusk Legend Username: Rajusk Post Number: 61501 Registered: 02-2008 Posted From: 170.74.231.22 Rating: N/A |
ikkada matter..inti donga kaadu inti ninda dongale evadu pattaledu..pattinchukoledu.. inka enni holes unnayo PNB lo ..and other banks lo ..ituvantivi.. | ||
Rajusk Legend Username: Rajusk Post Number: 61500 Registered: 02-2008 Posted From: 170.74.231.22 Rating: N/A |
faulty Printer konnanduku CEO ni fire cheyyali type undi nee arguement Bank lo inni levels of auditors valla daily job cheyyali ante..Modi aapice lo attendance vesthara.. | ||
Legend Username: Twitter Post Number: 57374 Registered: 10-2009 Posted From: 66.194.212.162 Rating: N/A |
inti donga ni Eeswarudaina patta ledu antaru ee thokkalo auditors entha le | ||
Vjawarrior Legend Username: Vjawarrior Post Number: 33953 Registered: 02-2014 Posted From: 69.193.105.226 Rating: N/A |
but majority of LOU's happened in 2017 antunnaru...these were happening all these 4 years of modi's rule too.. Modi gaadu kooda kanipinchantha swaatimutyam kaadu.. ambani/adani relatives ee chosky, nirav modi, and inkodu evado who became st kitts citizen they will pump mthe banks again.... sit tite anthe... I wish some rich guy loots 1 lac crores from banks and goes to st kitts and distributes all that money to poor farmers of india | ||
Rajusk Legend Username: Rajusk Post Number: 61499 Registered: 02-2008 Posted From: 170.74.231.22 Rating: N/A |
the branch is subjected to concurrent audit, quarterly statutory audit by external auditors (reputed chartered accountancy firms) appointed by the RBI, periodic internal audit by HO auditors/inspectors, RBI Audit under Section 35 and FEMA Audit. inni levels of Audits lo kooda dorakaledu ante..ee bank ni eliminate sesi ..private ki takeover ki ivvadam better | ||
Doraveerachakra Side Hero Username: Doraveerachakra Post Number: 5866 Registered: 11-2010 Posted From: 82.3.170.250 Rating: N/A |
andhukey anedhi scum of India. 10 levels of checks miss avvaali antey multiple levels lo buy jaragaali. Alaanti scams only high levels lo jaruguthaayi .. deal must be between PNB heads vs heads of Congress.  | ||
Legend Username: Twitter Post Number: 57371 Registered: 10-2009 Posted From: 66.194.212.162 Rating: |
pavala pen kosam 100 rupayala golusu katti 10k rupayala camera and security system install chestharu bank nayyallu ..ila ela jarigindhi rao garu | ||
Rajusk Legend Username: Rajusk Post Number: 61496 Registered: 02-2008 Posted From: 170.74.231.22 Rating: N/A |
aa list of points soosthe..the fraud bypassed at least 10 levels of checks for 7 years.. daaniki oka candidate ni bakra seyyadam PNB is shameful | ||
Doraveerachakra Side Hero Username: Doraveerachakra Post Number: 5865 Registered: 11-2010 Posted From: 82.3.170.250 Rating: N/A |
nicely put in summary. idhi Congress mark scam to the peak... PBN lo konthamandhini konesi unlimited dopidi scum of India | ||
Rajusk Legend Username: Rajusk Post Number: 61489 Registered: 02-2008 Posted From: 170.74.231.22 Rating: |
In every SWIFT input transaction, at least three officials are involved: Maker, checker and authoriser. A single person cannot authorise any LOU. Then how did this fraud happen? A daily report is generated by the SWIFT system wherein all incoming and outgoing messages, financial as well as non-financial, are reflected. All financial transactions appearing on this list are ticked/tallied with CBS. What happened to these reports? All vouchers generated, including those related to contingent liability on account of LOU, in the branch are required to be manually verified with the system generated reports. Did this too fail? • Every Nostro account has a mirror account in the home branch. As per normal banking practice, the credits and debits appearing in the Nostro account are reconciled on a daily basis. Thus, the credits afforded by the LOU discounting banks needed to be checked daily. The absence of a contra contingent liability in the CBS would have shown-up on the very next day, had daily reconciliation been done diligently. • Even if the compromised officials had been inputting unauthorised SWIFT messages, they must have been recovering the commission/fee/charges on such transactions. The appearance of such a huge income without an underlying transaction should have raised red flags as to the source of revenue, and a consequent search would have revealed the fraud. • For transactions conducted until a year ago, at the maturity of LAU, some account (most probably borrower's) would have been debited to reimburse the overseas bank for the lending made to PNB under various LOUs. It should have raised suspicion as reimbursement was being made without a contra appearing in PNB books. • The movement and build-up of contingent liability volumes of the branch should have been monitored by the branch's top management and controllers on the basis of weekly/monthly/quarterly reports. • Monthly irregularity reports, that are submitted to controllers, would have definitely shown these outstandings. Did the bank fail to do this? How come none of these checks worked to trigger the PNB fraud?FirstCutByManjul19012018 • As the said fraudulent transactions have been going on for several years, what have the plethora of auditors/inspectors been doing? Typically, the branch is subjected to concurrent audit, quarterly statutory audit by external auditors (reputed chartered accountancy firms) appointed by the RBI, periodic internal audit by HO auditors/inspectors, RBI Audit under Section 35 and FEMA Audit. None of these could point out the irregularity. Irrespective of whether transactions at PNB was an act of fraud or irregularity, bank's liabilities towards counter-party banks is absolute and it will have to make good the loss. As is evident, the said fraudulent transactions could have been detected at any stage by following the laid down systems and procedures. But apparently the safeguards built in the system had been neglected. It seems that entire hierarchy was in the know of the developments and exposures were taken with their tacit concurrence. A low-level officer cannot indulge in such voluminous transactions without go ahead from the higher-ups, who could anyway have checked the subordinates at any point of time as all transactional information was available on the tap. The bottomline is this: There are many unanswered questions in the Rs 11,400 crore PNB fraud case. The role of regulator and auditors that helped the fraud to happen needs to be probed in detail. The arrest of one or two middle-level employees would be akin to treating the symptoms of disease and failing to notice the deeper rot. The author is a former executive with SBI |
