The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) to examine bank fraud of over 50 crore rupees and recommend action.
About:
The four-member board will be headed by former Vigilance Commissioner T M Bhasin.
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.
It’s jurisdiction will be confined to those cases involving officers of General Manager 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 50 crore rupees to ABBF and on receipt of its recommendation, they concerned will take further action in such matter.
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
