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The discussions highlighted the progress made through reforms like the Insolvency and Bankruptcy Code (IBC) and the creation of the National Asset Reconstruction Company (NARCL), which have improved the performance and asset quality of PSBs.
The meeting also underlined the significance of the amended Prevention of Corruption Act, 1988, which has had a positive impact by ensuring that bankers’ honest decisions are protected during investigations.
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A key focus of the meeting was the development of regular platforms for dialogue between bankers and the CBI to streamline investigations. Officials stressed that this would improve the efficiency of fraud case probes and serve as a deterrent to future incidents.
The operational issues raised included the filing of complaints, regular reviews of investigations, and the support required by the CBI during probes.
An important addition to the agenda was the introduction of an ‘asset tracing’ IT application presented by PSB Alliance. The application is designed to provide PSBs with detailed information about assets taken as security for extending credit. Attendees discussed the tool’s features, and it was decided that each PSB would independently evaluate its applicability to their operations.
The meeting saw participation from top officials, including DFS Secretary M. Nagaraju, CBI Director Praveen Sood, the Chairman of the Advisory Board for Banking and Financial Frauds (ABBFF), and CEOs of major public sector banks. Representatives from the Reserve Bank of India (RBI), the Ministry of Home Affairs (MHA), and other government bodies also attended.
First Published: Dec 4, 2024 10:28 PM IST
