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.
