SBI Chairmain Hits back at corporate companies

Mumbai Feb 27: The State bank of India has lashed out reports of corporate companies urging the Government to privatize the Public sector banks because of poor governance.Currently many people have made a similar suggestion after many bank frauds have emerged in recent days.

However, SBI chairman Rajnish Kumar has reacted strongly and said that "those living in glass houses shouldn’t throw stones at others and that the private sector’s claims of higher corporate governance standards sound hollow in light of their high rates of debt default and bankruptcy cases."

He added that "almost all bad loans and poor governance standards cases are from private sector enterprises while state-run firms have high governance standards.If the private sector is all about good corporate governance then tell me which public sector company is in NCLT (National Company Law Tribunal) today"

He has also said that "They all default and sit in the front rows of the industry associations. That is the reality today. So when somebody is preaching, preach… for sure, but also look at the reality. Why are these defaulters sitting in the front row and bankers are sitting in the back row?".