Sunday, January 16, 2022
HomenationalNow CBI investigation of bank scams of more than three crores will...

Now CBI investigation of bank scams of more than three crores will not be possible without the approval of the panel

New Delhi: In order to provide relief to bankers, the Central Vigilance Commission (CVC) has expanded the scope of the Banking and Financial Frauds Advisory Board (ABBFF). The Central Vigilance Commission (CVC) has changed the rules. That now the investigation of bank fraud and forgery involving an amount of Rs 3 crore and above will be sent to an expert panel for approval. Under which all bank fraud cases above Rs 3 crore will be referred to an expert panel. This will decide how the investigation conducted by the Central Bureau of Investigation (CBI) can be seen. Let us tell you that this is being seen as an attempt to give relief to the bankers.

* Consultation with Ministry of Finance

Cases classified as fraud on 6 January 2022 will also come under the ambit of this amended provision. Now in such matters, the panel will examine all aspects and take a decision after consultation with the Reserve Bank of India and the Finance Ministry.

* Four members on the board


In fact, the anti-corruption agency CVC has constituted an advisory board under the leadership of former Vigilance Commissioner TM Bhasin to investigate and recommend action on bank fraud cases. There are total four members in this board. Its formation was raised keeping in mind the call of Finance Minister Nirmala Sitharaman to encourage the decisions.

* What was the scope before

Let us inform that before the new rule, only fraud cases of more than Rs 50 crore in public sector banks were sent to this panel. Further, bankers have suggested that agencies like CBI and CVC should be barred from probing cases if a loan account remains the norm for seven or 10 years. The CVC had said that a separate board would be set up for cases between Rs 3 crore and Rs 50 crore. To which the bankers are of the view that there was a need to take a quick decision as the number of cases referred to ABBFF will now increase manifold. In a circular issued last week, the CVC had said that after discussions with the RBI and the finance ministry, the advisory board for banking and financial frauds will examine the role of all officers and whole-time directors in the cases.




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