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
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
Three convicted for 2016 Kollam collectorate blast case
Expect Canadian government to ensure justice, uphold rule of law: PM Modi
Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused
MUST WATCH
Latest Additions
Kodagu murder case accused escapes from police in Hyderabad
New software for fast-tracking project approvals: Karnataka Minister Patil
Karnataka Maritime Board announces plans for Mangaluru Water Metro Project
In-flight passengers can access WiFi services only when allowed, say new rules
Royal Enfield forays into electric bike segment; unveils first model under Flying Flea brand
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.