In its latest move to counter frauds in banking, Punjab National Bank (PNB) has announced its plan to implement AI in account reconciliation as well as using analytics to improve its audit systems. This nimble change comes after a debilitating fraud carried out by the pair of Nirav Modi and Mehul Choksi in February 2018, which almost paralysed the bank’s operation for a short time. The scam was perpetrated to a tune of approximately ₹20,000 crores, carried out over a number of years.
With the AI-enabled audit system in place, PNB aims to ensure improved security to its banking system to eliminate loopholes, in addition to gaining a stable growth for 2018. Sunil Mehta, Managing Director of PNB, said “The ‘business remodelling’ brought alive by changes at PNB…
