trending Market Intelligence /marketintelligence/en/news-insights/trending/Ygk5y6JIGhxnaqwavNi7cg2 content esgSubNav
In This List

India sets up panel to review bank frauds of more than 500M rupees

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


India sets up panel to review bank frauds of more than 500M rupees

India's anti-corruption watchdog has set up an advisory board to review large bank frauds of more than 500 million Indian rupees.

The board, called the Advisory Board for Banking Frauds, will conduct the initial examination of large fraud cases before results and recommendations are sent to investigative agencies, such as the Central Bureau of Investigation, according to an Aug. 21 release from the Central Vigilance Commission.

Individual public sector banks will have to refer all large fraud cases to the board, and upon receiving the panel's advice and recommendations, take further actions on the matter.

The board may also occasionally conduct fraud analysis in the financial system and provide its input to the Reserve Bank of India for the formulation of fraud-related policy.

As of Aug. 21, US$1 was equivalent to 71.44 Indian rupees.