RBI Asks Banks To Install Systems For Reporting Frauds

Mumbai, October 17: | Updated: Oct 18 2002, 05:30am hrs
The Reserve Bank of India (RBI) said that banks should put in place a system for reporting frauds and sought augmentation of investment fluctuation reserve (IFR) by them.

The consultative meeting with all banks, including the new and old private entities, was chaired by the RBI deputy governor GP Muniappan, who asked them to put in place the fraud reporting system as per the recommedations of NL Mitra Committee report, banking sources said here. Referring to the IFR, sources said some banks have done exceedingly well while others have been asked by the apex bank to augment the reserve. The meeting also touched upon the Ganguly Committee report on corporate governance (CG), sources added. The deputy governor asked the banks to implement those recommendations of the Ganguly Committee which were possible to be implemented immediately. (PTI)