Ministry of Finance meets PSBs, investigative agencies on bank frauds
public sector banks (PSBs), other ministries and investigating agencies, including Central Bureau of Investigation (CBI), for expeditious and effective investigation in bank fraud cases.
In a statement the finance ministry noted that enhance inter-departmental cooperation among different departments, CBI and PSBs for expediting investigation will have salutary deterrent effect and is likely to further catalyse resolution of stressed banking assets.
«All measures were discussed for expeditious investigation in bank fraud cases,» it said noting that amendments made to Prevention of Corruption Act, 1988, to prevent investigation and prosecution of bankers for bonafide decisions has had a positive impact.
«Requests made by CBI are examined by bankers and honest decisions remain protected,» it said adding that it was also agreed that platforms will be created for regular discussion between bankers and CBI.
Bank related fraud cases are a major area of concern, and the government has taken various measures such as Insolvency and Bankruptcy code (IBC) and creation of National asset reconstruction company (NARCL) for resolution of stress in banking assets, the ministry noted in its statement adding that this has led to an improvement in asset quality and performance of PSBs.
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