 "Money, Rs 2000, 200 notes, Rupees")
Jolted by the Punjab National Bank fraud, the finance ministry on Tuesday directed managing directors of public sector banks to examine non-performing asset (NPA) accounts of more than Rs 500 million for possible fraud and report any cases of wilful default to the Central Bureau of Investigation (CBI).
The ministry also set a 15-day deadline for PSBs to put in place an effective system to address rising operational and technological risks. These directions are part of the reforms that the government had packaged with the recapitalisation plan for banks.
In a couple of tweets, Financial Services Secretary Rajiv Kumar asked banks to
