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. 

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CtoI News Desk
CtoI News Desk – CtoI

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