T M Bhasin heads CVC committee to examine bank frauds above 50 crore

The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) to examine bank fraud over Rs 50 crore and recommend action. The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds. The 4-member ABBF, which is headed by former Vigilance Commissioner T M Bhasin, has been formed in consultation with the RBI and it will function as the first level of examination of all large fraud cases before recommendations or references are made to the investigative agencies by the respective Public Sector Banks (PSBs). The jurisdiction of board will be confined to those cases involving officers of General Manager (GM) level and above in the PSBs in respect of an allegation of a fraud in a borrowal account. The banks will refer all large fraud cases above Rs 50 crore to ABBF and on receipt of its recommendation, they concerned will take further action in such matter. The tenure of the Chairman and members would be for a period of two years from August 21, 2019.

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