Former SBI Chairman Pratip Chaudhuri Held

Former State Bank of India chairman Pratip Chaundhuri was arrested by the Rajasthan police on Monday on complaints from a loan defaulter sending shock waves in the banking industry that was just limping back to normalcy after years of fear being implicated criminally on trumped up charges. There was reported no notice or formal summons in a decade old soured loan case which has shaken the banking sector stocking concerns the incident could delay decision making in multi- billion dollar recovery initiatives of several lenders.

Former SBI Chairman Rajinish Kumar termed his predecessor’s arrest as extremely unfortunate and a case of high handedness. “Prima facie, it seems to be a case of misrepresentation of facts and singling out of an individual who held a high position to seek publicity”. In the process the dignity of an individual has not been given any consideration. It needs to be looked into whether due process of law has been followed.

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