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February 22, 2018

RBI constitutes Y H Malegam Committee to Monitor Frauds in Indian Banking System

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

This committee will look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment. Will suggest the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures (including IT interventions) needed to curb and prevent it; and the role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such divergence and frauds.
  • Chairman of this Committee : Y H Malegam, Former member of the Central Board of Directors of RBI
  • Other Members of the Committee :
    • Bharat Doshi, Member, Central Board of Directors, RBI
    • S Raman, former Chairman and Managing Director, Canara Bank and former 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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