CVC asked banks to report frauds of Rs one crore and above
CVC has asked the Banks to report to it any suspected fraud cases of one crore rupees and above.
The Central Vigilance Commission (CVC) in October 2016 asked the public sector banks to share their reports relating to all loan frauds involving funds over one crore rupees. Till date, such reports were shared with the Reserve Bank of India (RBI) only.
With this, the banks will have to report the modus operandi of all the alleged frauds to the CVC, which will share these details with other banks to prevent such cases being repeated.
Besides, the commission also decided to call regular monthly meetings of senior officials of Reserve Bank of India (RBI), CBI and banks to monitor probe in suspected bank frauds of 50 crore rupees and above.
CBI data says, in 2015, the agency had probed 171 cases of bank frauds involving funds of 20646 crore rupees. In addition, CBI is also investigating the Ponzi schemes involving funds of over 1.20 lakh crore rupees.