In reference to the editorial “Can’t bank with 3Cs” (FE,Apr 18). There was an opportunity for the ex- CAG to reinvent govt. audit. Constructive on-line audit interventions by internal audit could have taken precedence over post audit, making audit team a stake holder rather than an adversary. The Banking Board needs to go far beyond the transient circumstances that have created it. The advent of private sector banks though , helped modestly improve the quality of govt. banks. Changes in the regulatory framework, rising customer expectations, shift in the employee demography and changes in technology, have since emerged as key drivers of change for PSU banks. They now ought to gear up to meet demands from expanding economy, optimise resources, increase their presence across the value chain, renew focus on R&D, create a better performance culture and service customer demands effectively. Capable leadership must be brought in to perform with confidence. And that needs an audit system that must understand that in lending, ever since money was invented, profit and attendant risk have remained inseparable .
While inaugurating the fourth retreat of the judges of the Supreme Court at the National Judicial Academy, President Pranab Mukherjee cautioned the judges against the perils of judicial activism. The President rightly underlined the need for maintaining equilibrium in the exercise of authority with self-restraint. Undoubtedly judiciary is one of the three important pillars of our democracy. Therefore the independence and integrity of judiciary is pivotal if the people’s confidence in judiciary should remain strong. Justice should reach the needy at the level of lower courts. There is public outcry against the inordinate delay in disposal of cases. The judiciary must remedy this problem. In his speech, the President said that the pendency of cases in high courts has declined from 41.5 lakh in 2014 to 38.5 lakh. The deline in cases is 1.5 lakhs per annum in the last 2 years. If this tempo is maintained, it will take at least 26 years before all the pending cases are cleared if it is assumed that no fresh case is added. Therefore the judiciary should work on war-footing in bringing down the number of cases substantially. SC Chief Justice TS Thakur came out with suggestion to hear the cases in the summer vacation also if the lawyers co-operate. But the response from lawyers was luke-warm. Concerted efforts are only the answer to bring down the pendency of cases in courts. Judiciary must work to its full strength and the vacation should be abolished if serious dent has to be caused on the mounting number of cases.
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