PNB scam a failure of process, not of our banking software: Infosys

The version of Finacle used by the bank did not have an automatic integration system that requires the bank to do things manually

India’s second largest IT services firm Infosys on Friday clarified that the Rs 130-billion Punjab National Bank scam was not aided by any failure of its Finacle core banking software, but due to a breakdown of manual processes on the bank’s end.

“On the PNB front, I just want to clarify that it has nothing to do with Finacle; it was a process failure,” said U B Pravin Rao, COO, Infosys during the company’s Q4 earnings call. “You can have any strong technology, you can have any strong platform, but if there is collaboration between the maker and the taker,