New Delhi: The government has asked public sector banks to focus on robust risk management practices and mitigate cyber security risk as part of the three-year strategic roadmap designed for them to further strengthen the sector and prevent build up of bad debts.
A review of banks by the finance ministry is expected later this month that will evaluate reform goals of each bank individually and prepare a medium-term strategy to maintain the positive momentum in the banking sector, two persons aware of the development said.
As part of the strategy, banks will further use technology to process automation across every domain including back-office operations. Banks will also strengthen their underwriting processes and increase coverage of early warning systems (EWS) to identify and reach out to high-risk borrowers preventing any build-up of bad debts that have been successfully arrested by several banks over…
