Jaitley claims that India has developed in BJP govt, slams regulators' failure for PNB scam

Jaitley claims that India has developed in BJP govt, slams regulators' failure for PNB scam
Finance Minister Arun Jaitley today slammed regulators for failing to detect the Rs 11,400-crore fraud at Punjab National Bank for seven long years, saying unlike politicians, regulators in the Indian system are unaccountable.

Speaking on the scam for the second time this week, he said employees conniving with fraudsters is worrisome. Also worrisome is that no red flag was raised.

Regulators should have a "third eye" open to detect and check such frauds.