Current Affairs · Government Bank Manual by CGA
In the context of recent governance reforms initiated by the Controller General of Accounts (CGA) for banks handling government transactions, which of the following best describes the conceptual framework and primary objective of the Government Bank Manual?
- 1It provides a mechanism to replace the current 'Creditor in Control' regime with a 'Debtor in Possession' model for public sector banks as per the Banking Regulation Act amendments.
- 2It serves as a legal mandate for Scheduled Commercial Banks to prioritize the 4R's strategy of recognition, resolution, and recovery for stressed accounts in government-linked industrial sectors.
- 3It functions as a real-time digital interface that utilizes advanced AI-driven data monitoring to provide post-facto corrections and performance management of remittance timelines.
- 4It establishes an institutionalized and standardized procedure for handling public funds, aimed at replacing reactive ad-hoc banking corrections with uniform operational procedures that mitigate operational risk and strengthen accountability.✓
Correct answer
It establishes an institutionalized and standardized procedure for handling public funds, aimed at replacing reactive ad-hoc banking corrections with uniform operational procedures that mitigate operational risk and strengthen accountability.
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