{"id":222318,"date":"2019-11-20T12:00:06","date_gmt":"2019-11-20T06:30:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=222318"},"modified":"2019-11-20T10:21:27","modified_gmt":"2019-11-20T04:51:27","slug":"rajya-sabha-update-prevention-of-fraudulent-banking-practices","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/20\/rajya-sabha-update-prevention-of-fraudulent-banking-practices\/","title":{"rendered":"Rajya Sabha Update | Prevention of Fraudulent Banking Practices"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Finance has taken a number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur Minister of State for Finance &amp; Corporate Affairs in a written reply to a question in the Rajya Sabha on 19-11-2019. He stated that steps include, <em>inter-alia<\/em>, the following:<\/p>\n<ol style=\"text-align: justify;\">\n<li><strong><span style=\"color: #ff0000;\">Government has issued \u201cFramework for timely detection, reporting, investigation, <em>etc.<\/em>\u00a0relating to large value bank frauds\u201d<\/span> <span style=\"color: #ff0000;\">to Public Sector Banks (PSBs)<\/span><\/strong> for systemic and comprehensive checking of legacy stock of their non-performing assets (NPAs), which provides,\u00a0<em>inter-alia<\/em>, that\u2014<\/li>\n<\/ol>\n<ul>\n<li>all accounts exceeding Rs. 50 crore, if classified as NPAs, be examined by banks from the angle of possible fraud, and a report placed before the bank\u2019s Committee for Review of NPAs on the findings of this investigation;<\/li>\n<li>examination be initiated for wilful default immediately upon reporting fraud to RBI; and<\/li>\n<li>report on the borrower be sought from the Central Economic Intelligence Bureau in case an account turns NPA.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>Fugitive Economic Offenders Act, 2018 has been enacted to deter economic offenders<\/strong><\/span> from evading the process of Indian law by remaining outside the jurisdiction of Indian courts. The act provides for attachment of property of a fugitive economic offender, confiscation of such offender\u2019s property and disentitlement of the offender from defending any civil claim.<\/li>\n<li style=\"text-align: justify;\">PSBs have been advised to obtain certified copy of the passport of the promoters\/directors and other authorised signatories of companies availing loan facilities of more than Rs. 50 crore and, decide on publishing photographs of wilful defaulters, in terms of the instructions of RBI and as per their Board-approved policy and to strictly ensure the rotational transfer of officials\/employees. The heads of PSBs have also been empowered to issue requests for issue of Look Out Circulars.<\/li>\n<li style=\"text-align: justify;\">For enforcement of auditing standards and ensuring the quality of audits, Government has established the National Financial Reporting Authority as an independent regulator.<\/li>\n<li style=\"text-align: justify;\">Instructions\/advisories have been issued by Government to PSBs to decide on publishing photographs of wilful defaulters, in terms of RBI\u2019s instructions and as per their Board-approved policy, and to obtain a certified copy of the passport of the promoters\/directors and other authorised signatories of companies availing loan facilities of more than Rs. 50 crore.<\/li>\n<li style=\"text-align: justify;\">In order to bring transparency and accountability in the larger financial system, bank accounts of 3.38 lakh inoperative companies were frozen over the last two financial years.<\/li>\n<\/ol>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Finance has taken a number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur <\/p>\n","protected":false},"author":8808,"featured_media":154904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[38205,29826,38395,38394,4491,17481],"class_list":["post-222318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-accountability","tag-bank-frauds","tag-fugitive-economic-offenders-act","tag-prevention-of-fraudulent-banking-practices","tag-public-sector-banks","tag-transparency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rajya Sabha Update | Prevention of Fraudulent Banking Practices | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/20\/rajya-sabha-update-prevention-of-fraudulent-banking-practices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rajya Sabha Update | Prevention of Fraudulent Banking Practices\" \/>\n<meta property=\"og:description\" content=\"The Ministry of Finance has taken a number of steps to eliminate fraudulent banking practices. 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