Follow SOPs to check frauds: CVC to banks
Team Udayavani, Oct 24, 2017, 2:31 PM IST
New Delhi: Central Vigilance Commissioner K V Chowdary today laid emphasis on adherence to standard operating procedures (SOPs) by banks to check frauds. Addressing an event here, he said in the last two years or so the banks had been in the news for the wrong reasons.
“Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said. He said while some large frauds are very well-planned ones, the small ones were not that well-planned.
“Some say automation is the best way to prevent a fraud. I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organised by Anti-Corruption Academy, a private organisation.
The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks. Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.
Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
NIA arrests key accused in 2023 attack on Indian High Commission in London
Indian nationals aboard ‘MSC Aries’ in good health, return delayed due to technicalities: MEA
Husband has no control over wife’s ‘stridhan’: SC
Second phase of LS polls: Polling on Friday for 88 seats in 13 states
Ex-IAS Officer Anil Tuteja accused of masterminding Chhattisgarh liquor scam: ED
MUST WATCH
Latest Additions
NIA arrests key accused in 2023 attack on Indian High Commission in London
Three persons run over by train in Bengaluru
Indian nationals aboard ‘MSC Aries’ in good health, return delayed due to technicalities: MEA
Husband has no control over wife’s ‘stridhan’: SC
IT sleuths threatening raided leaders to claim money belongs to me, Cong: DK Shivakumar