A senior bank official said this would ensure that lenders have real-time information about borrowers with respect to any economic offense and take informed decisions.
“We will have a uniform format for receiving information and move towards digitization of the entire information network, so that banks can get real-time information,” he said. Reserve Bank It also gave its approval on the Standard Operating Procedure (SOP) that banks had proposed to submit information or documents with the CEIB.
“CEIB will work closely with all investigative agencies to ensure that such entities are red flagged if they detect any irregularities of importance,” he added.
Under the existing framework with respect to large value frauds, the finance ministry has asked state-run lenders to take reports from the CEIB on any potential borrower, renewal of existing loans and non-performing assets at the pre-sanction stage. ,NPA) Account for an amount of ₹50 crore and above.
A senior bank official said, “This report includes economic offense details of bad loans (on) with other banks and financial institutions, and if borrowers have additional exposure to the banking system through any linked firms, Real-time information would help. Tell the lenders to take timely action to identify the fraud and initiate recovery of the fraudulent amount.
An industry executive said that the fraud and related amount should be analyzed from the banking point of view of the respective banks. “It seems that not all banks report fraud and the amount involved to the same standards,” he said.
In 2021-22, as per reserve Bank of India data, in all categories of fraud, while
The country’s largest bank registered 34,511 cases worth ₹212 crore, in which 4,192 cases worth ₹6,932 crore were registered.
According to an RBI report, the number of frauds reported by private sector banks was mainly on account of small value card/internet frauds, and the amount of frauds reported by public sector banks was mainly on account of loan portfolios. Was.
The fraud amount for PSBs almost halved to Rs 40,282 crore in 2021-22 from Rs 81,901 crore a year ago, the RBI said in its report, with private sector banks reporting the maximum number of frauds, and PSB contributed maximum. fraud amount.