CVC Analyzes Top 100 Bank Frauds (Download PDF)


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Central Vigilance Commission- CVC has analyzed top 100 Bank Frauds till last year in which it identified loop holes & suggests systemic improvements. Study was done in 13 sectors comprising.

Image of CVC Report on Bank Frauds

Image of CVC Report on Bank Frauds

Image of CVC Report on Bank Frauds

  • Study was done in 13 sectors comprising:

  • Gems & Jewellery

  • Manufacturing

  • Agro sector

  • Aviation

  • Service Sector

  • Trading sector

  • IT Sector

  • Exports sector

  • Fixed deposits

  • Demand Loan

  • W/view to maintaining discreteness, names of borrower accounts & names of banks are not disclosed in report.

  • Steps are being taken for all encompassing actions such as investigation by Premier investigative agencies, fixing staff accountability & recovery measures for effective action.

  • Modus operandi of these loans is thoroughly analyzed & various loopholes are identified.

  • Measures suggested by commission include strengthening of Standard Operating Procedures, monitoring system & highlighting role of controlling offices, so as to examine aspect of quality of business.

  • Analytical study was initiated by Commission as Preventive Vigilance measure to minimize occurrence of such type of frauds in future.

  • RBI has confirmed that inputs given by Commission are very useful & will be used for systemic improvements to mitigate risks.

  • Intention of Commission is to bring abt awareness among field functionaries by enhancing their knowledge towards existing lapses.

- Published/Last Modified on: December 24, 2018

Policy/Governance, Economy

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