Canara Bank has become the first Indian bank to introduce an Online Digital Balance Confirmation Certificate through the PSB Alliance portal. The initiative revolutionises the auditing process by eliminating traditional manual procedures, making financial verifications seamless and efficient.
Earlier, auditors had to physically visit banks with authorisation letters to obtain Balance Confirmation Certificates, a cumbersome and time-consuming process. With this new digital solution, auditors can now receive balance confirmations instantly via the online portal once the customer provides online consent. This automation eliminates paperwork, enhances security and significantly expedites the process.
The portal, managed by PSB Alliance, ensures a secure, transparent and efficient system for generating Digital Balance Certificates.
The bank’s digital initiative eliminates manual paperwork for auditors, provides instant access to Balance Confirmation Certificates, enhances security and transparency in financial verification, improves operational efficiency and saves time.
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