Punjab National Bank has decided to replace the current tax transfer policy with strict as well as clear norms to ensure that such irregularities do not recur. The board also resolved that internal and external auditors must ensure that system procedures, particularly those involving SWIFT and forex transactions, are followed in all the branches.
“The board decided that there should be no laxity in the staff transfer policy. In some places, the transfer policy was not implemented. We found casualness and delay in transfer of staff,” a source told.
The sources also added that the bank’s zonal manager (general manager level) from Mumbai had been moved to the headquarters in Delhi. Also, the GM dealing with risk management in Delhi had been transferred to Mumbai, they revealed.
It has been alleged that certain employees involved in the scam remained in the same position and the same branch for a very long time in violation of the human resources (HR) policy.
Following the fraud, PNB has transferred 1,415 employees.