State-owned lender Punjab National Bank (PNB) has announced a new move to reassess the security measures of its mobile application, PNB One. This decision comes as a reaction to the recent controversy surrounding the Bank of Baroda’s BOB World app, PNB CEO Atul Kumar Goel has said.
What Happened: Goel, in an interview with Moneycontrol, revealed that PNB has started taking precautionary steps to reevaluate its digital app system following the BOB World case. “We have been taking such measures even before the BOB news came into our knowledge,” Goel said. The initial review of the PNB One app didn’t expose any irregularities, he added.
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PNB has initiated several security measures, among them being a rule that restricts a single mobile number from being linked to more than five accounts, the CEO said. This step aims to deter unethical practices. Moreover, PNB is holding regular interactions with its business correspondents to ensure secure operations.
In the context of the Nirav Modi case, Goel disclosed that PNB has recovered ₹100 crore till now. Nirav Modi, a fugitive diamond merchant who defaulted on loans worth ₹14,000 crore, is currently absconding.
Why It Matters: The move by PNB to reassess its mobile application security comes at a crucial time when the BOB World App controversy has sparked a widespread discussion on the need for stringent security measures in banking apps.
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