Canara Bank’s Digital Balance Confirmation for Auditors
Why in the news
Canara Bank rolled out an online way for auditors to obtain balance confirmation certificates, removing paperwork-heavy steps.
Key facts
- Delivered via the PSB Alliance portal.
- Sent only after online customer consent.
Old vs new process
| Aspect | Manual | Digital |
|---|---|---|
| Request | Bank-by-bank, with authority letters | Through the online portal |
| Processing | Slow manual verification | Direct confirmation, no manual step |
| Authorisation | Letter | Customer’s online consent |
Benefits
- Shorter audit turnaround, no paperwork.
- Accuracy, traceability and consent-based security.
Exam angle
- Platform: PSB Alliance Pvt. Ltd portal.