BANKING AFFAIRS

Detailed explanation-1: -According to the RBI’s circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI’s Banking Security and Fraud Cell (BSFC), irrespective of the involvement of a public servant.

Detailed explanation-2: -If committed by staff. 6.2 All fraud cases of value below ₹ 10, 000/-involving bank officials, should be referred to the Regional Head of the bank, who would scrutinize each case and direct the bank branch concerned on whether it should be reported to the local police station for further legal action.

Detailed explanation-3: -1 While Audit Committee of the Board (ACB) shall monitor all the cases of frauds in general, banks are required to constitute a Special Committee of the Board for monitoring and follow up of cases of frauds (SCBF) involving amounts of ₹ 10 million and above exclusively.

Detailed explanation-4: -For more details, give a missed call on 14440. If someone has fraudulently withdrawn money from your bank account, inform your bank immediately. When you notify the bank, remember to take acknowledgement from your bank. The bank has to resolve your complaint within 90 days from the date of receipt.