PMC Fraud: RBI Fixes Coop Banks’ Daily Reporting System

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New Delhi: After the collapse of Punjab and Maharashtra Cooperative Bank, following the unearthing of over Rs 4,000 crore fraud, the Reserve Bank of India on Friday has changed the daily reporting system at cooperative banks

As per reports, in a circular addressed to chief executives of all cooperative banks, the RBI has asked them to replace the existing system of email-based reporting at the branches to a web-based central system.

“Consistent with the needs of branch licensing and financial inclusion policies as well as the need for requisite coverage of additional dimensions/features, a new reporting system — Central Information System for Banking Infrastructure, has been web-deployed to replace the legacy MOF system,” the apex bank notification said.

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