NEWS & ADVICE : FIXED DEPOSITS
Public Sector Banks to 'think globally act locally' to prevent frauds
By Neelima Shankar
Jul 3, 2012
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Representatives of the public sector banks are brainstorming to curtail the prevelant faruds in the banking sector by finding new innovative mechanisms and also adopting fraud preventive measures practiced by global central banks.

The call for initiatives was taken at the International Conference on Risk Management and Fraud Detection last week, which was attended by representatives of banks, RBI, financial services secretary, and Central Bureau of Investigation (CBI).

RBI Executive Director, Mr. Vijaya Bhaskar emphasized on the importance of trust in the banking industry, and further added that there should be a strong network of defence built by the employees, the regulator and other external agencies, and the systems and controls.

Mr. KR Kamath, Chairman Punjab National Bank said that the top management should set an example for the employees and inculcate high level of ethical work culture.

The banking regulator had already laid down the guidelines for formation of special committee for frauds in excess of Rs. 1 crore, RBI also provides the banks with details of such fraudulent accounts.

Last year after a Rs. 1 crore cheque fraud in the Employees Provident Fund Organisation (EPFO), RBI asked all the regional offices to transfer money through National Electronic Funds Transfer (NEFT).


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