PMC Bank Fiasco: The Dereliction of Corporate Governance

Every organisation requires a good corporate governance policy to function well. Whenever there is a failure in corporate governance, the organisation fails. The same thing happened with PMC bank. There were many loopholes in the PMC bank, which led to its downfall. A Lot of financial irregularities were taking place there. There was a complete failure of the internal control and management system. They also misrepresented the financial statements. The PMC bank loopholes led to fundamental changes in law and policies. The SAF was being revised, and the Banking regulation Amendment Act 2020 came into force. Many things need to be done so that scams like PMC don’t happen again.