PSBs given deadline to identify security gaps, operation risks

Financial Services Secretary Rajiv Kumar on Tuesday gave a 15-day deadline to the public sector banks (PSBs) to take "pre-emptive" action for identifying gaps and to gear up for rising operational and technical risks.

Kumar has asked the Public Sector Units to take the necessary actions for increasing their compatibility with the constantly developing technology.

Addressing the media, "A 15-day deadline for PSB's to take pre-emptive action and identify gaps to gear up for (the) rising operational (and) technological risks, to learn from best practices and pinpoint strategies including tech solutions and to clear accountability of senior functionaries."

Minister Rajiv Kumar further highlighted the need for increasing the accountability of the officials holding the senior-most positions in the Banks in case of any discrepancies found.

As a large number of bank frauds including that of Punjab National Bank and the Oriental Bank of Commerce are coming into the limelight, there has now been an increasing demand for the privatisation of the Public Sector Banks.

Previously, in the wake of the PNB scam, the Central Vigilance Commission on Feb 19 issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017.