CVC to probe bank frauds above Rs 50 crores

New Delhi: The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) headed by former Vigilance Commissioner T M Bhasin to examine bank fraud over Rs 50 crore and recommend action.

The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds.

The ABBF, formed in consultation with the RBI, would function as the first level of examination of all large fraud cases before recommendations or references are made to the investigative agencies by the respective PSBs, CVC said.