PNB tightens corporate governance norms
"The bank has strong foundations and is committed to implement ethical standards besides tightening the norms wherever required despite demonstration carried out by officers' associations/unions at some centres," PNB said in a statement.
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With a view to further improve corporate governance and excellence, PNB is taking all required steps to check any kind of gap, loopholes, and deviations in the system and procedures.
"The bank has strong foundations and is committed to implementing ethical standards besides tightening the norms wherever required despite demonstration carried out by officers' associations/unions at some centers," PNB said in a statement.
The norms are being strengthened and standard operating procedures are being revisited, the bank said.
The move in this direction has been appreciated by all stakeholders, it added.
PNB was defrauded of about Rs 14,000 crore touted as the country's biggest banking fraud. The scam was unearthed earlier this year.
Nirav Modi and his associates in connivance of some employees of PNB defrauded the bank, raising concerns over checks and balances to deal with such kind of scam.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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