Vivek Joshi, secretary of the Department of Financial Services (DFS), chaired a meeting on Thursday (December 7) to review progress in fraud cases in the banking sector.
The meeting was attended by senior officers of the department along with officers from the probe agency Central Bureau of Investigation (CBI), Chief Vigilance Officers (CVOs) of Public Sector Banks (PSBs) and Financial Institutions (FIs).
The meeting aimed to review the progress made in the investigation and resolution of large-value fraud cases from the perspective of recovery and enforcement action.
"During the review meeting, it was emphasised that all measures should be taken to further improve coordination between CBI and banks for expeditious investigation. And towards this objective, suggestions were also invited for making systematic improvements."
A statement released said that the meeting discussed the possibility of the Chairman, MD or CEO of banks monitoring such cases more closely for enforcement and recovery purposes. Also, a possible coordination meeting between CBI and banks be organised on a periodical basis by CVOs.
Among the measures discussed included CVOs organising training sessions to avoid common lapses that lead to investigation along with the preparation of a manual or guidance note to avoid lapses.
"It was suggested that use of digital technology may be made in sharing of documents needed for investigation with CBI. Statutory changes as needed to be examined in facilitation of this," the release added.
