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Journalism of Courage
MUMBAI, MAY 15: The computerisation process in the public sector banking system was being pursued at a snail8217;s pace with merely 5,000 bank branches out of an aggregate 65,000 being computerised so far, chief Vigilance Commissioner CVC, N Vittal has said.
quot;At this pace, it will be another fifty years before we reap the full benefits of computerisationquot;, he said. There is lot of confusion in the level of computerisation in the banking sector. While some base it on number of branches, others do it based on percentage of transactions processed by computers, Vittal said here last night after launching a bank branch automation software, Winbank8217;.
Winbank8217; has reduced the software installation period to one month from the earlier eight months. Calling for a paradigm shift in the pace of computerisation, he said a simple benchmark would be to ensure that outstation cheques are credited to the customer8217;s account on the same day.Unreconciled accounts running into crores of rupees represented an iceberg ofbanking frauds, he said, adding that the float created by public debt office of the Reserve Bank of India has earlier led to the Rs 18,000 crore securities scam.
