Photo: BloombergEven 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. It is not that PSU banks don’t use or spend on technology. But while the private sector banks fuss over every rupee spent and match it to desired impact, there is no such objective for PSU banks. It has a surfeit of reps from only banks, especially PSU banks. Independent directors with background in financial technology need to be inducted.

Source: Mint March 29, 2018 21:56 UTC