In today’s briefing:
- Major Theft in ICICI Bank’s Currency Chest Heightens Concerns of Poor Controls
Major Theft in ICICI Bank’s Currency Chest Heightens Concerns of Poor Controls
- Major theft of Rs 342 mn ($4.3mn) in ICICI Bank Ltd (ICICIBC IN) ‘s currency chest near Mumbai
- Apparently a single ICICI Bank staff responsible and shockingly had sole access to the currency chest
- Reflects extremely poorly on ICICI Bank’s currency chest security protocols and processes and heightens concerns of reputational and operational risk at the bank
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