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Union Finance Ministry ordered forensic audit of Dena bank and Oriental Bank of Commerce

Aug 27, 2014 18:36 IST

Union Finance Ministry on 20 August 2014 ordered a forensic audit of the state-run Oriental Bank of Commerce (OBC) and Dena Bank. The audit was ordered following reports that some Mumbai-based branches of the two banks OBC and Dena Bank had siphoned off 180 crore rupees and 256 crore rupees respectively, from their fixed deposit customers.

As per the reports, government has initiated investigation apart from suspending and transferring some of the employees allegedly involved in the scam. The forensic audit will be carried on by the professional services firm KPMG and the report is expected in a month’s time.

Apart from this, the Union Finance Ministry would soon make it mandatory for all senior officers, like Deputy General Managers and General Managers to undergo a compulsory risk management course for being considered for promotion.

This development came within two weeks of arrest of SK Jain the chairman and managing director of Syndicate Bank in a corruption case. Jain is accused of receiving bribe of 50 lakh rupees to extend the credit limit of Bhushan Steel and Prakash Industries.

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