Bankers on Thursday decided to put in place more robust and secure risk management mechanism within six months to check fraudulent activity by unscrupulous elements in the aftermath of the country’s largest bank fraud of Rs 130 billion allegedly perpetuated by Nirav Modi.
All public sector banks have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by PNB, State Bank of India Deputy MD M S Sastry said.
It is important to note that the major incident that took place recently in one of the branches of a public sector banks is one of its kind in about 5,000 branches, dealing in foreign exchange in the entire banking system in India, he said.
Addressing media after…
