Key Highlights
- Objective
To eliminate manual processes and improve efficiency in obtaining Balance Confirmation Certificates. - Platform
Launched through the PSB Alliance Pvt. Ltd portal.
Previous Process (Manual)
- Auditors were required to:
- Approach each bank individually.
- Provide authority letters to request Balance Confirmation Certificates.
- Wait for manual verification and processing — a time-consuming and tedious task.
New Digital Process
- Auditors will now receive direct confirmations via the online portal.
- Confirmation is sent after online consent from the customer.
- No manual intervention is needed.
Benefits of the Digital Initiative
- Time-saving: Significantly reduces auditing turnaround time.
- Streamlined process: No paperwork or manual follow-ups required.
- Transparency: Ensures accuracy and traceability in confirmations.
- Customer involvement: Online consent from customers adds a layer of security and authorization.
Canara Bank’s digital balance confirmation initiative through the PSB Alliance platform marks a significant step toward simplifying auditor-bank interactions, fostering transparency, and enhancing operational efficiency in financial audits.
Source: BL
