The Finance ministry is concerned about the rising cases of bank frauds in the country and has decided to investigate the matter. Financial services secretary Vivek Joshi will hold consultations next week with officials from RBI, Trai, telecom department, and NPCI. The parliamentary panel has already consulted with the finance ministry and PNB MD. Reported fraud cases increased by almost 50% last year. The UCO Bank incident, involving an erroneous credit of Rs 820 crore, triggered the investigation. The bank is yet to clarify if it was a technical glitch or a hacking attempt, and the matter has been reported to law enforcement agencies.
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Government to meet RBI, NPCI and TRAI after UCO Bank incident: What caused ‘Rs 820 crore technical glitch’ at the bank
The Finance ministry is concerned about the rising cases of bank frauds in the country and has decided to investigate the matter. Financial services secretary Vivek Joshi will hold consultations next week with officials from RBI, Trai, telecom department, and NPCI. The parliamentary panel has already consulted with the finance ministry and PNB MD. Reported fraud cases increased by almost 50% last year. The UCO Bank incident, involving an erroneous credit of Rs 820 crore, triggered the investigation. The bank is yet to clarify if it was a technical glitch or a hacking attempt, and the matter has been reported to law enforcement agencies.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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