NewsX on Tuesday, June 5 hosted the NewsX NPA files Conclave in New Delhi. The massive event was a collection of the channel’s 100-day NPA Files campaign, a meticulous probe into the Non-Performing Assets (NPAs) or accounts that are classified by any bank or financial institution as sub-standard dubious or loss assets. In the day-long event, there were many one-on-one interviews and panel discussions, in which some of the biggest public figures participated, including political leaders, economists, bureaucrats, journalists, other corporates and so on.
Towards the end of the event, a panel discussion was on ‘how to break the cosy club of crony capitalists, netas and bureaucrats, which involved the editor of leading business newspaper leading Business Standard AK Bhattacharya, former Commerce Secretary Ajay Dua, Former CBI Director Anil Kumar Sinha and Former CEC SY Quereshi.
Responding to the question, Bhattacharya said that public sector banks have seen an erosion in the terms of capacity in the last few years and there’s a need to amend the Prevention of corruption act, which was enacted to fight corruption in government agencies and public sector businesses in the country. This law defines who a public servant is and takes punitive measure against the public servants involved in kickbacks. He further pointed out that banks management will remain like beholding to their political masters. He further said that there an unholy alignment between ‘netas’ and crony capitalists, that’s the reason why electoral norms are not fixed yet.
Another panelist at the discussion, SY Quereshi agreed to the former saying, “We have failed to achieve political transparency”, and it requires competency to transcend transparency in the system. To this, Anil Kumar Sinha, Former CBI Director said that we clearly need better integration of our system since today’s problems cannot be rectified using yesterday’s solution.