Neglect Is A Fraud’s Best Friend

Regulators didn’t merely fail to crack down on PNB’s violations—they gave it pats on the back.

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Anglo-Indians in 1940s
The Anglo-Indians Of Mhow

There was a time in the 40s when many Anglo-Indian families moved to Mhow. Most of them worked as railways personnel. But now, most of the families have moved abroad

Denzil Lobo
Anglo-Indians In Whitefield: Preserving The Present

Established as an Anglo-Indian village in 1800s, Whitefield in Bengaluru is now an IT hub. However, in some lanes, one can still find ‘Little Gem’ and ‘Perfect Peace’—names of houses of Anglo-Indian families

Anisha Reddy
A Novel On Anglo-Indians
The Story of McCluskieganj

Journalist Vikas Kumar Jha first visited McCluskieganj in 1990 to write a story for a magazine. But he fell in love with the unique Anglo-Indian town and ended up writing a novel that has won many awards and accolades

Vikas Kumar Jha
McCluskieganj
Heterotopia

A world within a world is running out of time. But the voices of McCluskieganj’s past continue to resonate within its ruins, even as development takes over

Chinki Sinha
Opinion
The Future Of Anglo-Indians In India

Where are Anglo-Indians, as a community, heading? What does the future hold for them? Will they be around or would they be relegated to the pages of history books?

Harry Maclure

Lola Nayar

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Updated: 24 Feb 2018 11:28 am

It is ironic that technology relied on to check malpractices in the financial sector and improve the ease of doing business has again proved to be an easily manipulated tool. Harshad Mehta breached technology safeguards to milk the banking system 26 years ago, using bank receipts to finance his deals. And now, Nirav Modi has taken advantage of loopholes and used letters of undertaking (LoU) issued by Punjab National Bank (PNB) to acquire around Rs 11,400 crore from overseas branches of Indian banks.

The best systems can fail without adequate checks and balances, opine experts. In Modi’s case, safeguards failed in multiple areas. Can the scam be ascribed to a systemic problem in the operation of nostro accounts or a governance issue?