Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below 1 lakh to police.
CVC issued orders for not reporting bank frauds below one lakh to local police unless it involved their their staff. Earlier it was mandatory for banks to report frauds of above 10,000 rupees and below one lakh to police department.
The decision was taken in consultation with RBI (Reserve Bank of India) taking into account the practical difficulties faced by banks in reporting such cases to police. In a directive to chief of all the banks, CVC said that only if the bank staff is involved in such frauds above 10 thousand but less than one lakh should they be reported at the local police station. All other frauds are to be scrutinised by the bank officials for further necessary actions.
NPAs of various banks
As of September 30, 2016, the Non-Performing Assets (NPAs) declared by various scheduled commercial banks stood at a whopping Rs 6, 65,864 crore, according to an official data.
The NPAs of the country’s largest lender State Bank of India is Rs 97,356 crore, followed by Rs 54,640 crore of Punjab National Bank and Rs 44,040 crore of Bank of India, it said.
Bank of Baroda has NPAs of Rs 35,467 crore, Canara Bank Rs 31,466 crore, Indian Overseas Bank Rs 31,073 crore, Union Bank of India Rs 27,891 crore, IDBI Bank Limited Rs 25,973 crore, Central Bank of India Rs 25,718 crore, Allahabad Bank Rs 18,852 crore and Oriental Bank of Commerce Rs 18,383 crore, said the data, which was given by the government in Rajya Sabha in August last year(data copied from authentic sources)
Source: hindustantimes.com, businessstandard.com