EW DELHI: Hit laborious by way of the Rs 13,000 crore rip-off, PNB has made up our minds to tighten loan disbursement and arrange a tracking mechanism to test loan slippages and fraud.
Some of the tips being thought to be come with having a separate pre-sanction appraisal and submit sanction tracking groups for credit score disbursal to ensure better governance and transparency, respectable assets said.
A new tracking team will probably be set as much as stay track of whether cash go with the flow from projects is being used to pay off financial institution loans and that there aren't any slippages, assets said, adding that a separate vertical to be created for stressed asset restoration.
This will probably be tried out as a pilot in some branches sooner than a roll out nationally within the next 6 months, the assets said.
These adjustments are being made as part of Mission Parivartan drive which the financial institution has embarked on earlier this week.
Sources said that in a bid to give a boost to buyer comfort, automating buyer reaction mechanism is to be applied to ensure well timed intervention as well as evaluate performance on well timed resolution of purchaser disputes and complaints throughout branches.
The financial institution could also be actively looking to leverage advantages of rising generation together with AI and analytics each from a better control over the audit procedure as well as providing a one-stop suite of financial products and services with a unmarried contact point, they said.
Billionaire jeweller dressmaker Nirav Modi and his uncle Mehul Choksi in connivance with positive financial institution officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).
A Mumbai branch of Punjab National Bank had issued as many as 1,590 letters of endeavor (LoUs) fraudulently for the group of companies belonging to Nirav Modi since March 2011.
Different investigating companies, together with CBI and Enforcement Directorate, are probing the fraud, dubbed as the most important banking rip-off within the nation.
Some of the tips being thought to be come with having a separate pre-sanction appraisal and submit sanction tracking groups for credit score disbursal to ensure better governance and transparency, respectable assets said.
A new tracking team will probably be set as much as stay track of whether cash go with the flow from projects is being used to pay off financial institution loans and that there aren't any slippages, assets said, adding that a separate vertical to be created for stressed asset restoration.
This will probably be tried out as a pilot in some branches sooner than a roll out nationally within the next 6 months, the assets said.
These adjustments are being made as part of Mission Parivartan drive which the financial institution has embarked on earlier this week.
Sources said that in a bid to give a boost to buyer comfort, automating buyer reaction mechanism is to be applied to ensure well timed intervention as well as evaluate performance on well timed resolution of purchaser disputes and complaints throughout branches.
The financial institution could also be actively looking to leverage advantages of rising generation together with AI and analytics each from a better control over the audit procedure as well as providing a one-stop suite of financial products and services with a unmarried contact point, they said.
Billionaire jeweller dressmaker Nirav Modi and his uncle Mehul Choksi in connivance with positive financial institution officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).
A Mumbai branch of Punjab National Bank had issued as many as 1,590 letters of endeavor (LoUs) fraudulently for the group of companies belonging to Nirav Modi since March 2011.
Different investigating companies, together with CBI and Enforcement Directorate, are probing the fraud, dubbed as the most important banking rip-off within the nation.
Nirav Modi fraud: PNB to beef up its system, processes for lending
![Nirav Modi fraud: PNB to beef up its system, processes for lending]()
Reviewed by Kailash
on
March 22, 2018
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