The Central Vigilance Commission has constituted a 4-member Advisory Board for Banking Frauds. The ABBF will be headed by former Vigilance Commissioner T.M. Bhasin.
The panel will function as the 1st level of examination of all large fraud cases. Lenders will refer all large fraud cases above Rs 50 crore to the board and on receipt of its recommendation or advice, the bank concerned would take further action in such matters.
The other members of the panel are Madhusudan Prasad, former Urban Development Secretary; D.K. Pathak, former Director General of the Border Security Force; and Suresh N Patel, former MD and CEO of Andhra Bank.
The panel was previously called the Advisory Board on Bank, Commercial and Financial Frauds.
Static/Current Takeaways Important For IBPS RRB PO Mains:
- Central Vigilance Commissioner: Sharad Kumar.
Source: The Hindu