The billion-dollar bank fraud at Punjab National Bank (PNB) has brought back the issue of Know Your Employee norms and now even financial watchdogs are not taking any chances. Regulator National Housing Bank (NHB), a statutory institution and wholly owned subsidiary of the Reserve Bank of India, is scouting for an employees’ credential verification agency to verify and check, among other things, the character of the officers it recruits. The PNB bank fraud, India’s biggest till date, was publicly disclosed on February 14, and NHB started the process on February 21. Housing finance in India is a multi-billion dollar industry, with just the affordable housing finance segment estimated at Rs 1.5 lakh crore. The NHB is specifically interested in verifying and checking the authenticity of all the credentials.

Source: dna March 05, 2018 00:00 UTC