India's state banks have 15 days to identify operational gaps: Ministry of Finance

India's Ministry of Finance has set a 15-day deadline for state banks to take pre-emptive action against operational and technical risks, according to a report by Reuters.

This announcement came after a US$2 billon fraud at the state-run Punjab National Bank (PNB), which is the country's second-biggest state lender.

Photo courtesy: Wiki
Photo courtesy: Wiki

In a tweet, secretary in the department of financial services Rajeev Kumar said that state-run banks have 15 days to "take pre-emptive action and identify gaps/weaknesses". 

In addition to fixing "clear accountability" of senior officials, the banks must also learn from best practices and pinpoint strategies including technical solutions.

Earlier this month, PNB this month disclosed a US$2 billion fraud. The case sent shock waves across the country, put under spotlight the lack of supervisory oversight by the central bank and auditors in India. 

CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.


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