Fraud hit PNB ranked best PSB for digital transactions
New Delhi, Aug 25 : Punjab National Bank (PNB), which was recently hit by a multi billion dollar fraud by manipulation of its financial messaging -- Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India.
The bank said in a statement on Saturday: "Based on the recent findings of DFS (Department of Financial Services), PNB is ranked the number 1 PSU bank in digital transactions in India."
A Rs 13,500-crore fraud came to light in January, when it was found that the financial messaging system SWIFT was manipulated. It was used to issue Letters of Undertakings (LoUs) to conduct the fraud.
In the aftermath of the fraud, the bank had to rectify and strengthen its internal controls.
According to the PNB statement, the report card on the banking sector's performance in digital transactions as on July 31, 2018 was prepared by the Ministry of Finance.
As per the DFS' findings, PNB's average percentage of technical declines is only 0.83 per cent of the total transactions. It has been rated as the sixth best in the overall category amongst all banks in India for digital performance.
"The bank is fully committed to 'Digital India' initiative," the statement said.
"The bank is rated as 'Good' by the government with a score of '71' which is the highest category of performance."
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'Will do whatever the party asks me to': Shivakumar on Odisha Cong MLAs camping in Bengaluru
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said though he had not brought the Congress MLAs from Odisha to Bengaluru ahead of the Rajya Sabha elections in that state, he will follow the party's directives.
His remarks come after a group of Odisha Congress legislators were moved to Bengaluru amid apprehensions of cross-voting in the March 16 biennial election.
According to party insiders, Karnataka Deputy Chief Minister and state Congress president D K Shivakumar oversaw the logistical arrangements for their stay in the city.
The legislators are currently staying at the resort facility of an amusement park, located about 35 kms from Bengaluru.
Congress sources said the MLAs are expected to remain there until Monday morning before returning to Bhubaneswar to participate in the voting for the Rajya Sabha election.
Speaking to reporters in Bengaluru, Shivakumar said he did not bring them, though he will do whatever the party leadership asks him to.
“Look, whatever the party asks us to do, we must do. These things are happening in every state across the country; it’s nothing new. Since they (Odisha MLAs) have come, I will meet them. They asked me for time, but I told them not to come here (Vidhana Soudha) because the Assembly session is going on. I said I would come after finishing the Assembly work,” the Deputy CM said.
According to party sources, around eight MLAs from the party’s Odisha unit were flown from Bhubaneswar to Bengaluru late on Thursday night and have been accommodated at a resort on the outskirts of the city.
Six more legislators from Odisha along with their Congress Odisha unit president will be reaching Bengaluru in the night.
The move, party insiders said, is aimed at ensuring unity among the legislators in the run-up to the election.
Sources added that the decision was taken as a precautionary measure after the BJP fielded a second candidate for the Rajya Sabha seat, triggering intense political manoeuvring in the state.
“There were concerns about possible cross-voting and attempts to influence MLAs. As a safeguard, the leadership decided to move them out of the state until the voting,” a Congress functionary said.
“Six more MLAs and their party president are expected to arrive in Bengaluru by Friday night.”
The Congress currently has 14 MLAs in the Odisha Assembly and requires additional support to ensure the success of its Rajya Sabha nominee.
Sources said the party leadership feared possible political bargaining and inducements involving legislators from different parties ahead of the poll.
