Due diligence helps support the internal governance processes of the bank, driving responsibilities, systems and processes to generate and scrutinise management information. The question arises as to how confident users can be in the robustness of attestation statements.
Several deposit insurance systems increased their insurance coverage limits; in some cases the governments extended blanket deposit guarantee. These measures went a long way in restoring public confidence in the banking system in economies where it came under serious threat. Global crisis and India’s response 8. That India was hit by the crisis dismayed many people.