Is India a country of Saints & Sages only? Bhushan Steel (Rs 560 Bn), PACL (Rs 600 Bn), ABC Shipyards (Rs 240 Bn) - What do these Corporate Failures/Frauds/Scams-whatever you call these, Indicate?
Arguably, India & Indians proudly profess that we are a Nation inhabited by advocates and believers in 'Righteousness' since time immemorial. Yes, some of our states embedded in mighty Himalayan region declare themselves as 'DevBhoomi- Land of Gods'. Every nook and corner we find some name of a Saint or Sage or King who is embodiment of Righteousness, Truth, Justice & so on.
This belief has engulfed has the mind & soul of our Business and Commerce as well. Look at a few Corporate Scams or Failures or Frauds, by whatever name you call them during last 3 decades - leave aside Haridas Mundhra catatrophe of 1950 where SBI, LIC, RBI & MOF all had their share of guiltiness.
Securities (Harshad Mehta) Scam 1992, Ketan Parekh/Global Trust Bank 2000, Satyam Computers 2008, NSEL 2013, PACL 1996-2013 (Rs 600 Bn), Sahara Group (Rs 500 Bn), ABG Shipyard 2012-2017(Rs 240 Bn), PNB- Nirav Modi 2018 (Rs 140 Bn), IL&FS 2018 (Rs 910 Bn), Bhushan Steel (Rs 560 Bn), Real Estate & Infrastructure Companies (JAL Group, Ansal Properties, SREI Infrastructure and so on)
With this kind of list of catastrophic commercial and business events, No country can claim to be Nation of SAINTS & SAGES. So, what are the MAIN causes for such an abysmal environment. In my view THREE fundamental problems.
1)Abysmal Quality of Risk Management in Banking & Financial System - No Credit Officer or Credit Risk Mgt Committee of a Bank can escape its colossal failure to identify unscrupulous Borrowers and distance themselves.
2)Gross Failure of External Auditors who claim to be best of breed in the world. I cant think of any Audit Report where the Auditors of Indian Banks stood up and identified the issue of dubious Quality of Credit Risk Mgt in the Banking system.
3) Indian Judicial System at Higher level - High Court and Supreme Court level.
Arguably, India & Indians proudly profess that we are a Nation inhabited by advocates and believers in 'Righteousness' since time immemorial. Yes, some of our states embedded in mighty Himalayan region declare themselves as 'DevBhoomi- Land of Gods'. Every nook and corner we find some name of a Saint or Sage or King who is embodiment of Righteousness, Truth, Justice & so on.
This belief has engulfed has the mind & soul of our Business and Commerce as well. Look at a few Corporate Scams or Failures or Frauds, by whatever name you call them during last 3 decades - leave aside Haridas Mundhra catatrophe of 1950 where SBI, LIC, RBI & MOF all had their share of guiltiness.
Securities (Harshad Mehta) Scam 1992, Ketan Parekh/Global Trust Bank 2000, Satyam Computers 2008, NSEL 2013, PACL 1996-2013 (Rs 600 Bn), Sahara Group (Rs 500 Bn), ABG Shipyard 2012-2017(Rs 240 Bn), PNB- Nirav Modi 2018 (Rs 140 Bn), IL&FS 2018 (Rs 910 Bn), Bhushan Steel (Rs 560 Bn), Real Estate & Infrastructure Companies (JAL Group, Ansal Properties, SREI Infrastructure and so on)
With this kind of list of catastrophic commercial and business events, No country can claim to be Nation of SAINTS & SAGES. So, what are the MAIN causes for such an abysmal environment. In my view THREE fundamental problems.
1)Abysmal Quality of Risk Management in Banking & Financial System - No Credit Officer or Credit Risk Mgt Committee of a Bank can escape its colossal failure to identify unscrupulous Borrowers and distance themselves.
2)Gross Failure of External Auditors who claim to be best of breed in the world. I cant think of any Audit Report where the Auditors of Indian Banks stood up and identified the issue of dubious Quality of Credit Risk Mgt in the Banking system.
3) Indian Judicial System at Higher level - High Court and Supreme Court level.
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Granting of stay orders on Regulatory and Enforcement Agencies invoking 'Principles of Natural Justice' or 'Constitutional Validity' is ROUTINE and NORM. In such as Judicial System, corrupt and fraudsters are bound to flourish. Alas, there is a need for complete change in the mindset of Higher Judiciary in dealing with commercial frauds- one cant apply the same yardstick as Criminal Jurisprudence! (Credit: Vidyadhar Kulkarni)
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Competition is so high that very big players only producing AIR top rankers because of the best of the best faculties, sad reality is that Self Study is vanishing now a days! But the good thing is that for intelligent and needy Stduents these coaching classes are providing coaching free of cost. Social work and business both the motives are there.
Don't be a moral science teacher see what is happening and try to identify the trend and try to learn!
Don't be a moral science teacher see what is happening and try to identify the trend and try to learn!
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There are lot of people around you who are crying every day because of gap year or bad performance in academics...this is very good example where the person has performed well in the exam which he is targeting and he has given answers for questions asked in the interview....same thing you have to do in your RBI Grade B preparation, you have to perform well in Phase 2 exam (80%) weightage and then focus on interview preparation, forget your past I.e. Gap Year's and Educational background (which you can't change now), success will be yours.
All the best for you upcoming regulatory body exams and interviews.
All the best for you upcoming regulatory body exams and interviews.
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