New Delhi: To avert any future fraud, the 124-year-old state-run lender Punjab National Bank said that it has strengthened internal audit controls by having separate “pre-sanction appraisal and post sanction monitoring” teams for credit disbursal.
Besides, the lending major told IANS that it will look on a quarterly basis on whatever internal accruals can be generated — through recovery, more efficient risk management, more business generation and more cross selling.
“We have strengthened our process of underwriting of credit to wean out any possibility of fraudulent behavior and ensure a fair evaluation,” a senior official of the bank told IANS on the sidelines of PNB’s 124th Foundation Day held on 12 April.
Representational image. Reuters.
“The process has…
