CVC seeks data on fraud from PSU banks since 2001
The Central Vigilance Commission (CVC) has sought details from public sector banks about all fraud ...
The Central Vigilance Commission (CVC) has sought details from public sector banks about all fraud reported by them to the CBI since 2001.
The exercise is part of a first-of-its-kind initiative being undertaken by the anti-corruption watchdog aimed at bringing in systematic improvements in the banking system to prevent fraud.
Vigilance Commissioner TM Bhasin told news agency PTI that the Commission has asked banks to provide information of all the cases of fraud involving 3 crore rupees and more. He said, Chief Vigilance officers of the banks have been asked to submit the data by the 15th of this month.
The Vigilance Commissioner said, the information will be analysed to find out the common modus operandi used in various types of fraud. He said, after analysing the information, they will take up issue with the RBI as to how systematic improvements are required to be made.
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