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

Davangere: MLA Basavantappa returns Rs 1.2 lakh left behind at shop

Woman dies after being hit by luxury car driven by ‘drunk’ youth in Karnataka

MLA Bharat Shetty condemns attack on Edneer Math Swamiji’s vehicle in Kerala

‘Idiot’: Former Canadian Sikh minister slams Justin Trudeau over Khalistan issue

Salman Khan gets another threat, asked to cough up Rs 5 cr

Canadian cop suspended for attending pro-Khalistan protest outside Hindu temple

Rahul Gandhi to attend caste census meeting in Hyderabad today

Related Articles More

India, Australia strategic partnership growing steadily: EAM Jaishankar

Rahul Gandhi to attend caste census meeting in Hyderabad today

FIR against Sanjay Raut’s brother for remarks against Shiv Sena’s woman leader

In-flight passengers can access WiFi services only when allowed, say new rules

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

India, Australia strategic partnership growing steadily: EAM Jaishankar

Davangere: MLA Basavantappa returns Rs 1.2 lakh left behind at shop

Ullal: Man attacked for allegedly providing information on illegal sand mining

Woman dies after being hit by luxury car driven by ‘drunk’ youth in Bengaluru

Woman dies after being hit by luxury car driven by ‘drunk’ youth in Karnataka

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.