CVC asked banks to report frauds of Rs one crore and above
Posted on: 02 Nov 2016 17:55:57
02 November 2016 Current Affairs: The Central Vigilance Commission (CVC) 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.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail