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  1. As crisis deepens, new MD says to appoint external audit agency

As crisis deepens, new MD says to appoint external audit agency

Bank of Baroda is planning to appoint an external accounting firm to look at its KYC policies and come up with a set of recommendations, newly appointed managing director & CEO PS Jayakumar said on Tuesday.

By: | Mumbai | Published: October 14, 2015 12:15 AM

Bank of Baroda is planning to appoint an external accounting firm to look at its KYC policies and come up with a set of recommendations, newly appointed managing director & CEO PS Jayakumar said on Tuesday.

His comments came in the wake of an alleged Rs 6,000-crore money laundering case being probed by the CBI and the ED.

Speaking to reporters after taking charge on Tuesday, Jayakumar said: “We are certainly cognizant of the issues”. He added that, early next week, the bank will present a proper plan to the audit committee — a sub-committee of the board. “We’ll also have to look at education, probably go back to people and talk once more about compliance culture,” he said.

Jayakumar said while the government was investigating the issue, the bank had to turn over data to it. “We are giving them all the information they want. For example, we are giving them details of all the 418 transfers that took place, of what  amount and who the payees were and who were these coming from,” he said.

Outlining his strategy for the bank, Jayakumar said he was going to work with the board on the lender’s vision for 2020 and see if it required any tweaks. He would meet analysts in January to give them a sense of what his strategy would be, Jayakumar said.

“I will give out specifics. I will not simply say that the bank plans to increase its fee income, but define how that is going to happen,” he said.

Jayakumar added that he would not only meet customers shortly but also look at resolving bad loans.

“This includes examining if we require to fund additional money (to stressed companies) so that they could be on their feet and also, where we are in the consortium, to have the ability to influence it to our line of thinking,” he said.

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