Ministry of Finance has given 15 days to public banks to identify the risk

Published on 28 Feb 2018 by Tushar

Financial Services Secretary Rajiv Kumar said that in view of the increased risk of operational and technology, the public banks have been given 15 days to identify the flaws and take the primary steps in respect of necessary preparations. With the amount of PNB scam rising to Rs 12,700 crores, he said this. Executive directors and chief technology officers of public banks have been asked to prepare the framework for dealing with the increased risk.

Kumar tweeted, "In order to increase operational and technological risks, to identify the deficiencies, remove them, to take primary steps, to learn from best practices, to formulate strategies including technical solutions and to clarify the responsibilities of senior officials, public banks Has been given a 15-day deadline. "The Punjab National Bank, stuck in the scam, had said late last night that the amount of scam was initiated. $ 20.42 million may increase against the assessment of the sector.

Kumar said that learning from the best practices of the banking sector and identifying deficiencies in the existing system would be the responsibility of executive directors and chief technology officers. They have to assess the operational risk management system of their bank, and to improve, identify and identify the shortcomings.

Source- Financial Express


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