Singapore slaps biggest bank with extra capital requirements after technical glitch
The Monetary Authority of Singapore (MAS) on Wednesday castigated the country's largest bank, Development Bank of Singapore (DBS), and ordered it to set aside additional capital to cover operational risk costs, after a technical failure that resulted in shut down of its online and automated teller machine services on 5 July.
The glitch, which arose when the bank's data storage system went into automatic shutdown due to a faulty cable, lasted about seven hours. The central bank censured the
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