Through an official announcement, the apex bank, urged the boards of banks to form a special committee to immediately take up the crimes of fraud involving amounts of Rs. 1 crore and exceeding it.
The RBI wants the banks to use their Audit Committee Board (ACB) a mechanism already in place for checking all fraudulent activities. The apex bank has expressed concern about delay in detecting frauds and punishing those who commit the frauds.
Among other things, the RBI notification says the special committee should put systemic lacunae under advisement and devise ways and means of ending delay in detection of fraud cases and ensuring speedy police investigation and punishment of fraudsters.
