PM warns of action against financial fraud

PM warns of action against financial fraud

Context:

• PM  Modi warned of stringent action against those involved in financial irregularities .

Introduction:

• PM Modi was speaking at the Global Business Summit organized by a financial daily.
• He asked the management of financial institutions and supervisory bodies to do their job diligently to check such frauds.

Calls on regulators

• He said the managements of financial institutions, auditors and regulators should perform their duty earnestly.
• Policy makers should maintain ethics by doing their jobs faithfully and diligently.
• Mr. Modi lauded his government’s economic agenda which he said was “job-oriented” and aimed at bringing “people-centric growth.”
• ‘Speed, scale, and sensitivity’ were needed for policies to reach people, he said.
•  In the past four years, the government has stressed job-centric, people-centric growth which gives poor financial inclusion and takes care of middle-class aspirations.