Comments
With State co-operative banks, district central co-operative banks and regional rural banks collectively reporting an over ₹100 crore jump in frauds in the last financial year, their supervisor Nabard has asked them to strengthen their internal checks and control systems.
Nabard (National Bank for Agriculture and Rural Development) said it is quite disturbing that although the number of outstanding frauds has marginally declined as at March-end 2013 as compared to the position obtaining a year ago, the amount involved has considerably increased from ₹612 crore to ₹728 crore.
The increase in the fraud amount is largely attributable to a few high-value frauds in the loans and advances segment.
“It was further observed that in several cases, banks were either not reporting or reporting the fraud with undue delay.
“The actual amount involved (in fraud) could therefore be higher,” said Nabard.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.