I sincerely urge the PCCOs gathered here to seriously introspect on this aspect as this is not one-bank’s headache or a bank-specific issue. It is an industry-wide issue with wider ramifications. Banks should have a robust system to monitor the transactions being undertaken in those accounts for taking proactive action, which entails a better customer protection.
The manufacturing sector recorded a robust growth rate of 5 per cent in the final quarter of 2012. However, the primary sector contracted for a second successive quarter and this remains a matter of some concern.