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Apr 24, 2014
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Finmin to kick off NPA review of PSBs tomorrow
Beginning Friday, the Department of Financial Services (DFS) will hold meetings with public sector banks (PSBs) individually to assess how they tackled bad loans in the previous three financial years (from FY12 to FY14). More significantly, it will have a close look at incidents of frauds in these banks and amounts involved.The meeting comes in the backdrop of an RBI finding that large-value advance-related frauds were mainly concentrated in PSBs, rather than private or foreign banks. An objective of the exercise is to improve the system in each PSB to ensure timely detection and reporting of fraud cases as well as to prevent them, thereby improving corporate governance in PSBs.
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http://www.financialexpress.com
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