The tech hygiene problem at public sector banks
Tech hygiene at PSU banks remains poor as many back-end systems do not exist, or remain on paper
Even after more than two decades of automation and computerization of 21 public sector banks, basic housekeeping, accounting and reporting functions are not up to the mark—resulting in bank frauds happening with sickening regularity. A Reuters report citing Reserve Bank of India data puts the aggregate of loan fraud cases of banks at about $10 billion in the five financial years up to 31 March 2017.
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