India’s state-run financial firm Punjab National Bank (PNB) has deployed artificial intelligence (AI) for reconciliation of accounts.
The bank, which was hit by more than $1.77bn fraud recently, stated that it has already undertaken measures to strengthen internal audit control mechanisms.
PNB, which revealed this through an FAQ, added that it is looking at technology interventions to improve customer service and responsiveness.
Following the fraud, the bank has initiated the process to enhance the audit systems by incorporating analytics and AI for reconciliation of accounts.
It has already deployed Finacle 10 software system and also intends to utilise additional features.
The FAQ document says that the bank a zero tolerance to unethical practices within the system and also noted that there were no further frauds in the bank.
It clarified that the amount of INR9.42bn is recall of credit limits which were the regular limits sanctioned to accused Geetanjali Group under consortium lending.
In February this year, PNB detected nearly $1.77bn of fraud at one of its branches in Mumbai. The fraud was carried out through multiple fraudulent and unauthorised transactions.