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June 19, 2012

Staff Accountablity by CBI

The Central Vigilance Commission has increased the threshold to Rs. 3 crore from Rs 1 crore for fraud cases to be reported to CBI by public sector banks.

 As per the revised structure, fraud of minimum Rs 3 crore and up to Rs. 15 crore has to be reported to the CBI's Anti-Corruption Branch (in case staff involvement is prima facie evident) and Economic Offences Wing (if staff involvement is prima facie not evident) respectively.
Case of Rs. 15 crore and above should be given to CBI's Banking Securities (BS) and Fraud Cell, officials said. 

The cases where the amount is less than Rs 3 crore should be reported to police, they said.

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