Yak 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 Republic of Republic of India (RBI) has constituted an goodness committee.

This commission volition await into the reasons for high departure observed inwards property classification in addition to provisioning past times 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 in addition to the measures (including information technology interventions) needed to curb in addition to forestall it; in addition to the purpose in addition to effectiveness of diverse types of audits conducted inwards banks inwards mitigating the incidence of such departure in addition to 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, sometime Chairman in addition to Managing Director, Canara Bank in addition to sometime 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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