NSE glitch cost India immensely, clear roadmap needed for seamless digital funds: Nirmala Sitharaman – Business News , Firstpost

The finance minister stated classes are to be learnt from the 24 February ‘know-how-pushed’ glitch, as a result of which NSE buying and selling was halted for almost 4 hours

File picture of Union finance minister Nirmala Sitharaman. PTI

New Delhi: Finance Minister Nirmala Sitharaman on Monday requested civil accounts officers to have a clear roadmap for seamless digital funds, saying there are classes to be learnt from the “technology-driven glitch” that occurred at National Stock Exchange.

Addressing the 45th Civil Accounts Day she stated the Controller General of Accounts (CGA), who’s the bookkeeper of presidency accounts, has adopted nice systemic reforms.

Sitharaman stated that to maintain authorities accounts clear, the CGA must adapt and preserve tempo with altering know-how to maintain authorities account clear. “Seamlessness of payments is more important. I will bring it here as an example to say even where complete foolproof systems are laid, you find in NSE a couple of days ago when there was a glitch, a kind of technology-driven glitch, which nobody could have anticipated, but that glitch has cost us immensely and lessons are being learnt,”‘ she stated.

“Maybe that was an issue of interoperability between the two exchanges, but that is the kind of thing where seamless digital payment is the goal that we have to aspire for. That was also an example that tells us about how seamless payment modes or technology-driven platforms can face. So, taking lessons from that, I would think seamless digital payments is something you have to clearly have a roadmap for,” Sitharaman stated.

The NSE had on Wednesday halted buying and selling on the inventory change for almost 4 hours as a result of a technical glitch.

The minister prompt that the CGA ought to transfer in direction of being extra paperless and consumer pleasant in its functioning and likewise intention for larger integration with the Department of Expenditure and states. .

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