Misappropriation: FinMin orders forensic audits at OBC, Dena Bank

Aug 21 2014, 00:27 IST
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SummaryThe finance ministry has ordered forensic audits at Oriental Bank of Commerce (OBC) and Dena Bank.

The finance ministry has ordered forensic audits at Oriental Bank of Commerce (OBC) and Dena Bank, following reports of misappropriation of R436 crore worth of fixed deposits at branches of the two banks, banking secretary GS Sandhu said on Wednesday, reports fe Bureau in Mumbai. Talking to reporters on the sidelines of the Naredco Real Estate and Banking Conclave, Sandhu said, “These are instances which have happened at the branch level, owing to lack of due diligence and non-adherence to norms and procedures. Forensic audits have been ordered and are currently going on.” He, however, said it is not fair to say the entire banking sector or the individual banks are moving in that direction (misappropriation). “People responsible are being taken to task. Some suspensions have already happened along with some transfers. Investigations are on and based on that further steps will be taken,” Sandhu said.

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