NEWS
- 11 May | Right Approach to Study Economy For Beginners Click Here →
- 05 May | Caution!! You may enter into No productivity Zone Click Here →
- 07 May | How Toppers identify the Implicit Demand of the Question Click Here to watch Ujjawal Priyank IAS AIR 10 Strategy →
Govt. seeks RBI view on system faults
Context:
The Finance Ministry has sought the Reserve Bank’s view on the lapses in the banking system that led to the ₹11,500 crore fraud at the Punjab National Bank
Details:
- Department of Financial Services has written a letter to the RBI to explain the shortcomings in the system which let the fraud to go undetected for 7 years
- The letter also seeks the regulator’s advice on what system and processes need to be updated so that such frauds are prevented
- The Ministry has also sought RBI’s view on failure of auditors to detect fraud that has been going on since 2011.
