Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Central Vigilance Commission Seeks Data on Fraud From Banks

The exercise is part of a first-of-its-kind initiative being undertaken by the Central Vigilance Commission aimed at bringing in systematic improvements in the banking system to prevent fraud.

PTI

Updated:November 5, 2017, 11:27 AM IST
facebookTwitterskypewhatsapp
Central Vigilance Commission Seeks Data on Fraud From Banks
Image for representation.
Loading...

New Delhi: Anti-corruption watchdog CVC has sought details of all fraud reported to the CBI since 2001 by public sector banks to analyse the modus operandi followed by fraudsters, Vigilance Commissioner T M Bhasin on Sunday said.

The exercise is part of a first-of-its-kind initiative being undertaken by the Central Vigilance Commission aimed at bringing in systematic improvements in the banking system to prevent fraud.

"Now what we have done is that we got the information collected from the Reserve Bank of India (RBI) on cases of fraud. They have submitted to us the information with regard to top 111 accounts," he said.

Bhasin, former chairman and managing director of Indian Bank, said the Commission has also asked all banks to provide information of all the cases of fraud involving Rs 3 crore and more.

"Right since 2001, whatever fraud has been reported to the CBI, Rs 3 crore and above, all those information is being collected. We have talked to chief vigilance officers of the public sector banks. They have been asked to submit the data by November 15," he told PTI.

The vigilance commissioner said the information will then be analysed to find out the common modus operandi used in various types of fraud.

"And then we will take up with the RBI also as to how systematic improvements are required to be made," he said.

As many as 1,806 cases of major fraud would be studied by the Commission as part of this exercise, he said.

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July.

At present, all banks are reporting fraud cases to RBI through Fraud Monitoring Returns (FMR) based on the fraud reporting and monitoring system supplied to them.

The modus operandi followed in fraud cases is sent by banks to the Indian Banks' Association which then circulates it in a physical form.

The CVC plans to put details of commonly-followed modus operandi on a portal to be developed specifically for this purpose.

"In times to come, it will be ensured that there is a common data base or data pool is available to the bankers where various types of modus operandi are available. We plan to host a website for this purpose alone," Bhasin said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Huma Tabassum
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 1,996.25 -2.47
Axis Bank 640.45 -4.54
Maruti Suzuki 6,130.40 -4.40
Yes Bank 65.10 -2.91
Reliance 1,197.45 -1.10
Company Price Change %Gain
Maruti Suzuki 6,130.65 -4.39
Yes Bank 65.15 -2.91
HEG 1,245.55 -11.23
Graphite India 339.50 -8.72
Indiabulls Hsg 429.05 -1.41
Top Gainers
Company Price Change %Gain
GAIL 131.90 1.70
Titan Company 1,158.25 0.84
HUL 1,831.20 0.82
Asian Paints 1,530.90 0.63
Dr Reddys Labs 2,738.05 0.47
Company Price Change %Gain
HUL 1,830.95 0.84
Asian Paints 1,529.45 0.59
Infosys 831.05 0.44
Top Losers
Company Price Change %Gain
Hero Motocorp 2,568.95 -6.20
Tata Motors 122.00 -5.13
Axis Bank 640.45 -4.54
Tata Steel 344.95 -4.47
Maruti Suzuki 6,130.40 -4.40
Company Price Change %Gain
Hero Motocorp 2,570.05 -6.19
Tata Motors 121.95 -5.13
Tata Steel 344.45 -4.62
Axis Bank 640.20 -4.62
Maruti Suzuki 6,130.65 -4.39

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results