Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: No rating
Article rating: 4.0
Article rating: 3.8
Article rating: 2.9
Article rating: 2.3
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: No rating


Public money 100% safe in state-run banks: Goyal

Author: IANS/Wednesday, June 20, 2018/Categories: Government

Public money 100% safe in state-run banks: Goyal

New Delhi - Public money is "hundred per cent safe" in state-run banks,Interim Finance Minister Piyush Goyal said on Tuesday, allaying apprehensions in the wake of recent major scams unearthed in public sector banks (PSBs).

Briefing reporters here following a meeting with PSB heads, Goyal, who holds temporary charge of the Finance Ministry, said that the government could consider giving additional powers to the Reserve Bank of India (RBI) to check misdemeanours in state-owned banks.

"Public money is extremely safe and secure in PSU banks. The government stands behind them 100%," he said in response to a query. 

Referring to a recent statement by RBI Governor Urjit Patel, in the wake of the Rs 13,000 crore fraud on Punjab National Bank by accused diamantaire Nirav Modi, that the central bank lacked powers to effectively regulate the PSBs, Goyal said: "Powers are available with the RBI.

"Conversations take place between the government and the RBI, and if additional powers are needed, the government is open to the idea."

The Minister, instead, said he is unsure how safe public money is in the hands of private companies which have huge income tax dues.

"Frauds are committed by the private sector, by companies which use the PSBs as a medium to commit frauds. The few frauds come to light have all been committed by private companies." 

Goyal also said that it is for this reason that the government will have to become "stricter" in monitoring the private sector.

Print Rate this article:
No rating

Number of views (269)/Comments (0)

rajyashree guha


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free