Govt may hire experts in banking surveillance: Finance Ministry

The government could hire experts in banking sector surveillance, the Finance Ministry said, as it seeks to avoid incidents like the alleged Rs.6,000 crore scam at Bank of Baroda. “We need specialised expertise in surveillance and analytical algorithm,” Minister of State for Finance Jayant Sinha said after a meeting with officials from public sector banks. Sinha said the government reviewed the Bank of Baroda issue to see if it represented any systemic lapses, and whether there were gaps and processes that needed to be closed. He however added that all banks had very high quality systems in place.