CBI to the aid of banks to resolve fraud cases

The agency is working on a protocol to help banks deal with fraud cases

GN Bureau | August 7, 2012



In view of an alarming rise in the number of bank fraud cases, the central bureau of investigation (CBI) is developing a sophisticated information system to help an embattled banking industry. The system, called ‘Bank Case Information System’ (BCIS), will contain details of accused persons, borrowers and public servants to help the agency in case of a fraud.

Addressing the 4th annual conference of CVOs of public sector banks/financial institutions and CBI officers, CBI director Amar Pratap Singh stressed on the need to plug existing loopholes to ensure that lending and borrowing took places in a healthy and fraud-free environment. Singh added that once the protocol is worked out, this information may be made available to field functionaries of the banking sector in collaboration with the Indian bank association (IBA).

The banking sector has incurred losses amounting to Rs 3,799 crore in 2010-11 as opposed to Rs 2,017 crore in 2009-10 due to fraud. The CBI’s bank securities & fraud cell has already registered fraud cases amounting to Rs 2,500 crore from January to July this year.

As per the revised threshold limit notified by the CVC, CBI will now only register bank fraud cases involving loss of over Rs 3 crore. Frauds involving loss of below Rs 3 crore will be reported to state police. Clarifying that the agency’s role is only to investigate criminality in bank frauds such as cheating, criminal conspiracy, forgery, concealment, abuse of official position, Singh said that the bank often files a complaint with the CBI to put pressure on an erring client but refuses to co-operate thereafter. 

The conference discussed important issues relating to role of third parties in bank financing, complaints, investigation & RDA, trial & prosecution and coordination.

 

 

Comments

 

Other News

Gandhian movement after Gandhi failed: Ram Guha

The Gandhian movement in India, after Gandhi’s death, failed, says Ramachandra Guha, and blames Vinoba Bhave for it. But the movement found new, fertile grounds around the world and succeeded in bringing about a change in South Africa, the US and elsewhere. It is high time it returned home. Of cour

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter