Why is it in the news?
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The Central Vigilance Commission (CVC) has constituted an Advisory Board for banking fauds (ABBF) to examine bank fraud of over ₹50 crore and recommend action.
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The board is headed by former Vigilance Commissioner T.M. Bhasin.
More in the news
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The Advisory Board for banking fauds (ABBF) is formed in consultation with the RBI.
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It would function as the first level of examination of all large fraud cases before recommendations or references are made to the investigative agencies by the respective public sector banks (PSBs).
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Lenders would refer all large fraud cases above ₹50 crore to the board and on receipt of its recommendation or advice, the bank concerned would take further action in such matter.
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The Central Bureau of Investigation may also refer any case or matter to the board where it has any issue or difficulty or in technical matters with the PSB concerned.
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The tenure of the Chairman and members would be for a period of two years.
Source
The Hindu.