CBI, banks need to coordinate more in fraud cases: FinMin

During the review meeting the progress made in investigation and resolution of large value fraud cases was comprehensively assessed.
Central Bureau of Investigation (File photo | PTI)
Central Bureau of Investigation (File photo | PTI)

NEW DELHI: In a meeting held by finance ministry with officials of banking and financial institution on Thursday, it emphasised that coordination between the Central Bureau of Investigation (CBI) and these institutions be improved for expeditious investigation into large financial frauds and their resolution.

This is the second meeting held by the Department of Financial Service, Ministry of Finance, with the representative of banking and financial institutions after the UCO Bank fraud came to light in early November.

During the review meeting the progress made in investigation and resolution of large value fraud cases was comprehensively assessed.  The meeting stressed on the need for more regular coordination meetings between CBI and banks in respect of large value bank fraud cases. It was decided that large value bank fraud cases may be monitored by chairman/MD & CEO of banks more closely from enforcement and recovery purposes.

Need to protect bonafide credit decisions from investigation was also discussed during the meeting.
It was suggested that training sessions may be organised for chief vigilance offices or other officials involved in credit decisions’ to avoid common lapses that lead to probe. The meeting also laid stress on the use of digital technology in sharing of documents needed for investigation with CBI.

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