February 27, 2018 3:43 PM

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Public Sector Banks given 15 Days to take preemptive action on operational and technological risks

<div><b><br />''</b></div>''<div>Public sector banks have been given a 15-day deadline by the Centre to take pre-emptive action for identifying gaps and to gear up for rising operational and technical risks. In a tweet, Financial Services Secretary Rajiv Kumar said, Executive Directors and chief technological officers of Public sector banks have been asked to prepare a blueprint to enhance preparedness for combating increasing risks.</div>''<div></div>''<div>The financial services secretary further said that it will be the responsibility of Group of Executive Directors and chief technological officers to learn from best practices across the banking sector and identify weakness in existing arrangements. They will have to come out with a comparative assessment of their banks' operational risk management practices with best practices and identify gaps and areas for improvement.</div>''<div></div>''<div>The Group has to prepare the report based on best practices and minimum acceptable standards and suggest action points including technological solutions.Mr Kumar said boards of banks have to assign clear accountability to senior functionaries for implementation and compliance of the report. <br />''</div>

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