Friday, August 22, 2014

Banks must set deficiencies right to check frauds: BoI

......Absolutely, it is a systemic risk. What happens at the ground level is when the deposits are offered, they get a little bit lured to increase the business size of the branch. So there comes the deficiencies in accepting the KYC, requesting the KYC, getting in touch with the original depositor. So these are the normal safeguards, which any branch has to take at and here is where the deficiencies occur. So it is not intentional but not adhering to the systems and procedures. I totally appreciate that..........

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