BANK FRAUDS

Oct. 17, 2018

Central Vigilance Commission (CVC) has released a study in which it has reviewed and analysed Top 100 Bank Frauds, as on 2017.

About:

CVC has sub divided the study into 13 sectors comprising of Gems and Jewellery, Manufacturing, Agro sector, Media, Aviation, Service Sector, Discounting of cheques and bills, Trading sector, IT Sector, Exports sector, Fixed deposits and Demand Loan etc.
With a view to maintaining discreteness, the names of borrower accounts/entities and the names of the Banks have not been disclosed in the report.
However, various industry specific suggestions for systemic improvement have been given in the final report such as strengthening of SOPs, monitoring system and highlighting the role of controlling offices, so as examine the aspect of quality of business.
This analytical study was initiated by the Commission as a Preventive Vigilance measure so as to minimize the occurrence of such type frauds in future.

Source : PIB