CVC suggests systemic improvements after analyzing top 100 Bank Frauds

Central Vigilance Commission, CVC, has analyzed top 100 Bank Frauds till last year in which it identified loop holes and suggests systemic improvements. Sharing the details, Vigilance Commissioner Dr T M Bhasin said, the study was done in 13 sectors comprising Gems and Jewellery, Manufacturing, Agro sector, Aviation, Service Sector,  Trading sector, IT Sector, Exports sector, Fixed deposits and Demand Loan.

 

Dr. Bhasin said, with a view to maintaining discreteness, the names of borrower accounts and the names of the Banks have not been disclosed in the report. He said, however, steps are being taken for all encompassing actions such as investigation by the Premier investigative agencies, fixing staff accountability and recovery measures for effective action. Dr Bhasin said, the modus operandi of these loans has been



thoroughly analysed and various loopholes have been identified.

 

The measures suggested by the commission include strengthening of Standard Operating Procedures, monitoring system and also highlighting the role of controlling offices, so as to  examine the aspect of quality of business.

Dr Bhasin said, the analytical study was initiated by the Commission as a Preventive Vigilance measure to minimize the occurrence of such type of frauds in future. He said, RBI has also confirmed that inputs given by the Commission are very useful and will be used for systemic improvements to mitigate the risks. Dr. Bhasin said, the intention of the Commission is to bring about awareness among the field functionaries by enhancing their knowledge towards the existing lapses.