PIL against ex PNB CMD K R Kamath for alleged corruption

A PIL has been filed in Lucknow bench of Allahabad High Court against ex Punjab National Bank Chairman K R Kamath and others for improperly assisting PNB Metlife India Insurance Company Limited.

As per Dr Nutan Thakur, counsel for the petitioner M L Sharma, an ex PNB employee, as PNB Chairman Mr Kamath is said to have initiated the joint venture PNB Metlife whose almost entire day-to-day activity is conducted by PNB but PNB Metlife officially provides a minimal commission of 7-8% to PNB.

On the contrary, PNB Metlife provides large amount of unaccounted illegal gifts like valuables, foreign trips to PNB officers for their services to PNB Metlife.

As per Dr Thakur, this is open corruption because no public bank officer can take such personal gratification from private companies. In RTI, PNB has been vehemently denying any such private gifts to its staff.

The PIL says that such an agreement was initiated by Mr Kamath solely for vested interests and hence it prays for immediately stopping this illegal gift-making to PNB officers and to take appropriate action against Mr Kamath, for initiating this illegal arrangement.