PNB Scam: AIKS demands to investigate the role of PMO; Blames Nero-Liberal policies as responsible

All India Kisan Sabha strongly demands independent and comprehensive investigation in to Punjab National Bank Scam that involves corporate tycoons, high ranking bank officers and powerful politicians heading the government. It is the largest Bank fraud in the history of the country. All those responsible for this crime against the country and its people must be identified, booked, brought to trial and sentenced.

The role of Prime Minister Narendra Modi in PNB Scam must be investigated. The prolong silence of the PMO on this most sensitive issue denotes its moral dilapidation. How the CBI which is controlled by the PMO could conduct a fair and independent enquiry in to such an earth-shattering Bank Scam involving high level policy makers in Finance Ministry, Reserve Bank of India and PMO is a matter of serious concern to the entire political system and Constitutional institutions including Parliament, Supreme Court and President of India.

It is insulting to the entire honest citizen of the country that when lakhs of peasants under indebtedness forced to commit suicide, the corporate industrialists and monopoly traders plundering thousands of crores of wealth in Public Sector Banks and escape to foreign lands in collusion with the powerful politician- bureaucrat nexus. The Banks deny crop loans to needy in the pretext of no collateral security while the corporates are gifted with loans worth thousands of crores on the virtue of self attested Letter of understanding is a paradox in an economy predominant by agriculture.

It was along with the implementation of LPG policies in our country during 1991 that banks were forced to extend big loans to corporates out of the way, without any tangible assets. Usually banks give such guarantee certificates only if they get 110% as security amount. But now it has been revealed that since 2011, PNB has been given such certificates without any security on the virtue of Letter of Understanding by the loaner and loanee. Doing away with necessary controls and name sake inspections and investigations are examples of policies aiming to help the corporate houses. Loans extended to big corporates yielding to the pressures from the higher authorities have become a big curse on Indian Banking system.

The evidences show that the period of the PNB scam is 2011-17 and happened both under the UPA and NDA rule. After Narendra Modi become Prime Minister the scam gained momentum and the accusers have been enjoying the direct patronage of the PMO. Though the PMO received complaints way back in 2015 and again in 2016 about PNB scam, Narendra Modi did not take any action to unearth the culprits but during 2017 allowed to intensify the crime.

Fraud of crores of rupees being unearthed now from PNB is another form of the Neo Liberal policy. All sensible citizens could realize that the real villain is the economic policies of Liberalization, Privatization and Globalization. Hence the leadership of BJP that head the Government and Congress (I) which is the principal opposition party in Lok Sabha must reconsider their continuing blind support to pro-corporate Neo-Liberal policies.

Such scam cannot be considered as confined to PNB alone. By making some lower level officials as scapegoats, the authorities are trying to evade the discussions on the true facts. The government is now trying to adopt the FRDI bill in the Parliament in a hurry to shift the loss to the banks on account of the help extended to the big corporates out of the way onto shoulders of the common man of this country.

Hannan Mollah, General Secretary Ashok Dhawale, President

18 February, 2018
New Delhi