Banks to maintain real-time fraud list, lists 3,000 entities already
By MYBRANDBOOK
In a bid to clamp down frauds, banks have compiled an extensive list of approximately 3,000 entities involved in fraudulent activities. This list, which will be shared and updated in real-time, includes professionals such as lawyers, builders, and gold loan appraisers, among others, who are implicated in colluding to obtain loans through deceptive practices.
The issue was discussed in a meeting with the Advisory Board for Banking and Financial Frauds (ABBFF) last month, where it was decided that lenders would be required to consult this list before engaging with these entities, as well as continuously update it.
The list may grow as banks adhere to the latest fraud classification guidelines issued by the Reserve Bank of India (RBI) on July 15. Additionally, during a meeting with ABBFF, it was pointed out that operational staff are not always reviewing the 'caution list,' which can allow fraudulent entities to potentially re-enter the financial system.
"Banks will be issuing internal directives to ensure full compliance," noted a bank official.
Although banks usually take individual measures against fraudulent entities, these entities often find ways to engage with other regulated entities (REs). The consolidated list helps lenders verify and avoid dealing with entities flagged for banking fraud.
The Central Vigilance Commission (CVC) has instructed all public sector banks (PSBs), public sector insurance companies and public sector financial institutions to refer all fraud cases involving Rs 3 crore and above to ABBFF for guidance.
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