Checks and balances in banking practices

• Any administrative system should have strong monitoring by an external body to keep the administration on their feet all the time. Time and again whenever any unfair practices are exposed, people question the concept of checks and balances which is prevalent in our administrative system.
• Recently, when some banks lent the hard-earned money of the depositors without due diligence to powerhouses were unearthed, the efficiency of the big brother is questioned.
• Why can’t the monitoring body get a catch on leniency on due diligence by bankers before they actually happen?
• Why do some bankers resort to unethical practices for some petty material benefits and ruin their careers?
• Is there any nexus between the bankers and checkers?
• Are bankers underpaid?
• The banking system is known to be uncorrupt among all the executive bodies in India, but still why some unethical practices take place.
• Why charted accountants who do audit from grass root to top level in banks were unable to find the lacunas in the banking practices?
• Why do bankers compromise on procedures when it comes to high net worth individuals and being unreasonably rigid on common man?
• Why bankers are not given enough power to take strict action on defaulters?
• Who to blame for the menace?
• With the kind of technology the banking system has incorporated, it is not easy for the bankers to get away with unfair practices. RBI should recognise efficient charted accountants who can monitor advances lent to large business houses frequently. Stringent action to be taken against the bankers involved in unfair practices.Also, enough power to be vested with the bankers to recover the dues from defaulters and other central and state government agencies should cooperative the bankers. And now the time has come to reinvent the prevalent procedures to make sure due diligence is upheld all the time.