RBI sets up Y.H. Malegam panel to look into factors leading to bank frauds

The Reserve Bank of India (RBI) has set up a panel under board member Y.H. Malegam, a former president of Institute of Chartered Accountants of India (ICAI), to look into the factors leading to increasing incidents of bank frauds.

The move comes a week after Punjab National Bank said it has fallen victim to a Rs11,400 crore fraud, at the centre of which is billionaire jeweller Nirav Modi.

The Maelgam panel will also look into reasons for high divergence in NPA classification and provisioning by banks.

The central bank said it had alerted banks thrice on potential malicious use of SWIFT infrastructure since August 2016.

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