Rbi Constitutes Y H Malegam Commission To Monitor Frauds Inwards Indian Banking System

In wake of recent Rs 11,400 crore SWIFT (Society for Worldwide Interbank Financial Telecommunication)-related fraud inwards Punjab National Bank (PNB), the Reserve Bank of Bharat (RBI) has constituted an goodness committee.

This commission volition expect into the reasons for high departure observed inwards property classification too provisioning yesteryear banks vis-à-vis the RBI’s supervisory assessment. Will propose the steps needed to forestall it; factors leading to an increasing incidence of frauds inwards banks too the measures (including information technology interventions) needed to curb too forestall it; too the purpose too effectiveness of diverse types of audits conducted inwards banks inwards mitigating the incidence of such departure too frauds.

  • Chairman of this Committee : Y H Malegam, Former fellow member of the Central Board of Directors of RBI
  • Other Members of the Committee :
    • Bharat Doshi, Member, Central Board of Directors, RBI
    • S Raman, old Chairman too Managing Director, Canara Bank too old Whole-Time Member, SEBI
    • Nandkumar Saravade, Chief Executive Officer, Reserve Bank Information Technology Pvt Ltd (ReBIT)
  • Member-Secretary : A K Misra, Executive Director, RBI
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