State-Owned Banks Worst Hit By Fraud Despite Spending More On Audits

Gold Silver Reports (GSR) – State-Owned Banks Worst Hit By Fraud Despite Spending More On Audits — That’s according to a new report by proxy advisory firm Institutional Investors Advisory Services. The high audit fees in public sector banks are a function of large number of branches, multiple auditors, higher number of physical audits and Reserve Bank of India prescribed rates, IiAS said in its report. “Despite paying high audit fees, the quantum of fraud in public sector banks tend to be much higher.”                   

READ MORE…