The Central Vigilance Commission has constituted Advisory Board for Banking Frauds (ABBF) to examine bank fraud of over 50 crore rupees and recommend action.
The four-member board will be headed by former Vigilance Commissioner T M Bhasin.
The banks will refer all large fraud cases above 50 crore rupees to ABBF.
This will function as the first level of examination of all large fraud cases before interference of investigative agencies.