<b>Letters:</b> Punitive action needed

Head of bank and audit committee of the board should be made accountable to violations

The editorial, “Misreporting of NPAs” (May 30), points to the deteriorating sanctity and reliability of auditing by chartered accountants. Such malpractice and accounting frauds with utter disregard to regulations are spoiling financial discipline at a time when the economy is poised for growth and development. 

Despite stringent measures of the banking regulator to deal with the present bad assets crisis, that some banks, especially those in the private sector, are hiding their non-performing assets is unpardonable. The veracity of various internal and external audits seems questionable. Investors’ confidence in these banks is shaken. 

Injecting credit and/or hiding the actual financial