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Limit collateral damage from bank frauds, urges ASSOCHAM

New Delhi, Mar 11 (ANI): Apex trade association ASSOCHAM on Sunday said that all out efforts must be made by banks, regulators, Government and India Inc to limit the collateral damage from the alleged fraud in the Punjab National Bank (PNB).The trade body also cautioned that an over-reaction by the banks and the investigative agencies would hurt essential credit disbursement to the trade and industry and tamper the growth expectations. ASSOCHAM also said that India can learn a lot from the United States. In the present situation, while the debate on reducing government stake to below 50 percent should be encouraged, some immediate steps should be taken to do the capacity building in the Public Sector Undertaking (PSU) banks, enabling them to prevent, detect and act on frauds.

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