Finance Minister Arun Jaitley on Saturday told that cases of periodical willful default are much more dangerous than business failure and bank frauds.
Speaking at Global Business Summit the leader pointed out that these kinds of incidents not only harm the economic atmosphere like the ease of doing business but also scars the economy.
The finance minister Jaitley also said, “If a fraud is taking place in multiple branches of banking system & no one raised the red flag, doesn’t that become worrisome for a country. Similarly, top management who were indifferent, multiple layers of auditing system which chose to look another way, it creates a worrisome situation.”
The leader also referred that Regulators plays important roles and decide the rules of the game and they have to have a third eye which perpetually is open.
“Unfortunately, in the Indian system we politicians are accountable but regulators are not,” he added.