Area of Concern
Finance ministry , PSU banks discuss steps to expedite investigation in bank fraud cases
This story was originally published at 21:39 IST on 4 December 2024
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NEW DELHI – The Department of Financial Services, in a meeting with state-owned banks on Wednesday, discussed the "expeditious and effective investigation" in bank fraud cases, which remain a major area of concern, the finance ministry said in a release.
While the government has taken measures such as the Insolvency and Bankruptcy code and the formation of the National Asset Reconstruction Company Ltd. for resolution of stress in banking assets, further measures are required for expeditious investigation in bank fraud cases, the ministry said. "The meeting focused on expeditious and effective investigation in bank fraud cases that will have salutary deterrent effect and is likely to further catalyse resolution of stressed banking assets; and all measures were discussed for expeditious investigation in bank fraud cases," the release said.
"For facilitating this, various areas of cooperation between CBI (Central Bureau of Investigation) and PSBs (public sector banks) were discussed, with detailed presentations made by DFS (Department of Financial Services) and CBI to highlight the progress made in investigation of bank fraud cases and other operational issues," the release said.
The meeting was attended by Financial Services Secretary M. Nagaraju, CBI Director Praveen Sood, Advisory Board for Banking and Financial Frauds Chairman Suresh N. Patel, along with the heads of public sector banks, including State Bank of India Chairman C.S. Setty. Representatives from the Reserve bank of India, finance ministry, and the Ministry of Home Affairs were also present. End
Reported by Shubham Rana
Edited by Deepshikha Bhardwaj
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