Punjab National Bank to rely on artificial intelligence to check frauds - Times of India

NEW DELHI: Punjab National Bank on Sunday said it plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems as it seeks to clean up the process after the massive fraud involving Nirav Modi and Mehul Choksi. The bank has already initiated a number of steps and now intends to firmly put behind memories of the over Rs 20,000 crore swindle by the diamond merchants by targeting an 11% growth in business during the current financial year. The bank discussed the road map, where the target is to increase total business to Rs 12 lakh crore, including a Rs 1 lakh crore or 13.7% increase in low-cost current and savings account deposits, it said in a statement. PNB managing director Sunil Mehta has maintained that the bank's business was not impacted by the scam, which was limited to the Brady House branch in Mumbai. "The'business remodelling' brought alive by changes at PNB is essential to ensure that the bank continues to grow and compete with its peers better," he said and elaborated on several steps that are in the pipeline or have already been initiated to reduce human intervention.