Ironically earlier The Reserve Bank of India pronounced the banks "not guilty" even before it got to know the results of its own probe into the matter.
Now the probe result is out and the credibility of the RBI itself is at stake.
rbi has never acted promptly. in a nationalised bank wheneveer the rate of gold unit comes down below 50,000/-there was huge retail purchase of the gold by single person or by different persons in units of less than 49000/- in cash and denomination of notes credited for all the challans are mentioned in a single challan of cashremittence for all these transactions. which clearly shows that it is clear case of avoiding pan no. records.and it used to happen whenever rate comes below 50000/- it was commented by me as an internal auditor as a special report .but no action was initiated by bank or rbi which is supposed to llook into specialreports of internal auditors during their onsight inspection.
In past also Dr. Chakrabarty made sarcastic and irrelevant remarks on many occasions . As a result he had to face some music . By his own actions and deliberations , most of which are not commensurate with the status of a high dignitary at the helm of affairs of financial world of the country, he has proved himself undeserving for the post of deputy governor of the RBI. He has diluted the sanctity , importance and usefulness of investigation. His such action/statement will definitely damage the strong foundation Indian financial system. From his statements frequently appearing in the media it appears that he is ignorant of the importance of the post of deputy governor of RBI .
It is shocking that no less than deputy governor of RBI has reached a conclusion all on his own that Private Banks are innocent.
The cobra sting in his opinion does not prove a scam existed.No I guess not.It only proves the willingness to do the scam.And we all know where there is a will there is a way.
He is almost dismissive of the whole sting,something that had the banks running for cover and firing the employees,is not even a blip on his radar..I can not believe that something many people have known for long and has been brought to light now publicly is being brushed under the carpet right in front of our noses by none other than the people who should be looking for dirt.
Shame on RBI.Shame on the banks,shame on India.
The fact of the matter is that we have allowed foreign insurance companies to have a tie up with our private banks, which itself is unethical since the hard earned money would be invested in public sector insurance companies where as speculative money will go into other pockets. Instead that black money should be utilised for welfare of people or real investment to improve the economy