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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.
