Govt orders banks to examine all assets above Rs 50Cr
Written by : SMTV24x7 | Tue, Feb 27, 2018, 08:13 PM
New Delhi, Feb 27: After the big fraud of Rs 12,600 crore on Punjab National Bank by Nirav Modi, the government on Tuesday set a deadline of 15 days for public sector banks (PSBs) to examine all non-performing assets above Rs 50 crore for possible fraud and to identify operational and technical gaps.
Announcing this through the Finance Ministry's Twitter handle, Financial Services Secretary Rajeev Kumar also said that Executive Directors and Chief Technological Officers of the PSBs have to prepare a blueprint for combating increasing risks.
"Fifteen-day deadline for PSBs to take preemptive action and identify gaps/Weaknesses to gear up for rising Ops and Tech risks; To learn from best practices and pinpoint strategies including tech solutions; Clear accountability of senior functionaries," Kumar tweeted.