Another Bank fraud, the explosive allegations surrounding the collapse of the BR Shetty–led NMC Health empire and the reported naming of Bank of Baroda’s New York branch in multi-billion-dollar legal proceedings cannot be dismissed as routine corporate litigation.
If a Public Sector Bank — owned by the people of India — is being linked in a lawsuit involving alleged hidden debts running into billions of dollars, forged guarantees, round-tripping of loans and questionable overseas financial transfers, then the issue transcends banking. It becomes a matter of national accountability.
And yet — there is silence.
Where is the statement from the Prime Minister?
Where is the clarification from the Finance Minister?
When ordinary citizens default on a housing loan or a small business EMI, the system acts within hours. Phones ring non-stop. Recovery agents appear. Credit scores collapse. Social humiliation follows.
But when allegations involve tens of thousands of crores and complex international financial structures — the same system appears paralysed.
Why?
Is there one financial rulebook for common Indians and another for large corporate networks operating across borders?
The Prime Minister frequently speaks about corruption, transparency, and zero tolerance. The Finance Minister often assures the nation that banking reforms have strengthened oversight and compliance. If that is indeed the case, then this is the moment to demonstrate it.
The country deserves immediate clarity on:
- The exact exposure of Bank of Baroda’s overseas operations in this matter.
- Whether internal or RBI audits flagged irregularities.
- Whether AML, FEMA, and due-diligence norms were fully complied with.
- Whether any accountability has been fixed at senior management levels.
- Whether investigative agencies have been directed to examine the matter independently.
Public Sector Banks are not private fiefdoms. They are custodians of public trust.
Repeated episodes of large corporate collapses over the last decade have already eroded confidence in financial governance. If the highest offices remain silent when serious allegations surface, that silence becomes political.
Let it be clear:
Demanding transparency is not an attack on India.
Shielding potential irregularities in the name of “image” is what truly damages India.
If the allegations are exaggerated or legally contested, place the facts before Parliament and the public.
If lapses occurred, responsibility must rise to the highest level — not stop at middle management.
The Prime Minister and the Finance Minister cannot speak loudly on small defaulters and whisper when questions touch powerful corridors.
India’s banking system runs on public confidence. Confidence runs on transparency. And transparency begins at the top.
The nation is watching and 140Crore Indians want to know what is happening..
Issued by:
Rajesh Kumar Sethi
National Coordinator AICC Minority Department Incharge -Manipur