NEW DELHI: Punjab National Bank on Sunday said it plans to depend on synthetic intelligence (AI) for reconciliation of accounts and incorporate analytics for bettering audit programs because it seeks to scrub up the method after the huge fraud involving Nirav Modi and Mehul Choksi.
The financial institution has already initiated various steps and now intends to firmly put at the back of reminiscences of the over Rs 20,000 crore swindle via the diamond merchants via concentrated on an 11% growth in business right through the present financial yr. The financial institution discussed the road map, the place the target is to extend general business to Rs 12 lakh crore, including a Rs 1 lakh crore or 13.7% build up in low cost present and financial savings account deposits, it said in a remark.
PNB managing director Sunil Mehta has maintained that the financial institution's business was no longer impacted via the rip-off, which was limited to the Brady House branch in Mumbai.
"The 'business remodelling' brought alive by changes at PNB is essential to ensure that the bank continues to grow and compete with its peers better," he said and elaborated on several steps which are within the pipeline or have already been initiated to reduce human intervention.
Apart from AI and analytics, the financial institution said it has bolstered the method of underwriting of credit to attenuate the possibility of fraudulent behaviour via splitting it into four components with different employees focusing on sourcing, appraisal, process and underwriting, documentation and disbursement, and restoration.
The inner audit process may be being augmented to give upper weight to the off-site tracking mechanism and reduce dependence on bodily inspection and audit to identify dangers. Further, leading edge steps have been taken via the financial institution to boost up NPA restoration and a wired asset vertical has been constituted for early id of NPAs.
Recently, Mehta had instructed TOI that the financial institution is hoping to recuperate 1 / 4 of its sticky belongings of Rs 80,000 crore in over 12 months or so.
The financial institution has already initiated various steps and now intends to firmly put at the back of reminiscences of the over Rs 20,000 crore swindle via the diamond merchants via concentrated on an 11% growth in business right through the present financial yr. The financial institution discussed the road map, the place the target is to extend general business to Rs 12 lakh crore, including a Rs 1 lakh crore or 13.7% build up in low cost present and financial savings account deposits, it said in a remark.
PNB managing director Sunil Mehta has maintained that the financial institution's business was no longer impacted via the rip-off, which was limited to the Brady House branch in Mumbai.
"The 'business remodelling' brought alive by changes at PNB is essential to ensure that the bank continues to grow and compete with its peers better," he said and elaborated on several steps which are within the pipeline or have already been initiated to reduce human intervention.
Apart from AI and analytics, the financial institution said it has bolstered the method of underwriting of credit to attenuate the possibility of fraudulent behaviour via splitting it into four components with different employees focusing on sourcing, appraisal, process and underwriting, documentation and disbursement, and restoration.
The inner audit process may be being augmented to give upper weight to the off-site tracking mechanism and reduce dependence on bodily inspection and audit to identify dangers. Further, leading edge steps have been taken via the financial institution to boost up NPA restoration and a wired asset vertical has been constituted for early id of NPAs.
Recently, Mehta had instructed TOI that the financial institution is hoping to recuperate 1 / 4 of its sticky belongings of Rs 80,000 crore in over 12 months or so.
Punjab National Bank to rely on artificial intelligence to check frauds
![Punjab National Bank to rely on artificial intelligence to check frauds]()
Reviewed by Kailash
on
May 07, 2018
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