Apropos the report, "Governor resigns over $101-mn heist" (March 16), the fraud in the Bangladesh Central Bank (BCB) has implications for the entire global banking system, including India's where more and more banks are shifting to digital banking in a big way.
What are the lessons for Indian banks from such a fraud? Banks in India too have reposed their entire gamut of net banking and digital banking to a group of technocrats and their assistants.
If these people were to come together, they could easily compromise the system. The solution lies in frequent rotation of teams and effecting changes even within a team. The bank should also initiate surprise internal audits to cross-verify high-value transactions.
K V Rao, Bengaluru
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number
What are the lessons for Indian banks from such a fraud? Banks in India too have reposed their entire gamut of net banking and digital banking to a group of technocrats and their assistants.
Read more from our special coverage on "LETTERS"
If these people were to come together, they could easily compromise the system. The solution lies in frequent rotation of teams and effecting changes even within a team. The bank should also initiate surprise internal audits to cross-verify high-value transactions.
K V Rao, Bengaluru
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number