(ET)
The monetary threshold for public sector banks to report frauds to different departments of the CBI for a probe has been revised, according to the Central Vigilance Commission (CVC).
Frauds of minimum Rs 3 crore and to Rs 25 crore, up from Rs 15 crore, have to be reported to either the CBI’s Anti-Corruption Branch (in case staff involvement is prima facie evident) or to the Economic Offences Wing (if employees involvement is prima facie not evident) respectively, the CVC said in its latest directive to all the state-owned banks.
The CVC has cited a circular from the Reserve Bank of India (RBI) and asked the banks to comply with it.
According to the RBI’s circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI’s Banking Security and Fraud Cell (BSFC), irrespective of the involvement of a public servant.
