By suspending Syndicate Bank Chairman and Managing Director (CMD) S K Jain two days after the Central Bureau of Investigation arrested him for soliciting a bribe of Rs 50 lakh to enhance the credit limit of some companies, the government has made it clear that crimes of such nature will be put down with a heavy hand. Jain, who was appointed as CMD of the state-owned bank only in July last year, is one of the youngest to head a public sector bank. With his arrest and the bribery scandal coming to light, the Manipal-headquartered bank, which prides itself as "Faithful. Friendly" will see its credibility take a beating.
N J Ravi Chander Bangalore
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