With several high-ticket alleged frauds coming to fore, the Central Vigilance Commission has now made it mandatory for public sector banks to report to it all such matters involving funds over ?1 crore.Based on the reports, the anti-corruption watchdog, which has hired four officers of General Manager rank from bank as advisors, will recommend whether CBI probe can be ordered.According to CBI data, in 2015, the agency had probed 171 cases of bank frauds involving funds of ?20,646 crore. In addition, CBI is also investigating the Ponzi schemes involving funds of over Rs. 1.20 lakh crore.

The Commission will also call regular monthly meetings of senior officials of Reserve Bank of India (RBI), CBI and banks to monitor probe in suspected bank frauds of Rs. 50 crore and above.The banks have been asked to share their reports of Fraud Monitoring and Reporting (FMR) mechanism with the CVC in the suspected fraud cases of Rs. one crore and above.Till now this report was shared with the RBI only, Vigilance Commissioner T M Bhasin said.... Read More

Source Web Page : The Hindu