Current Affairs

Central Vigilance Commission set up ABBF

Current context: The Central Vigilance Commission (CVC) has constituted the Advisory Board for Banking Frauds (ABBF) on 25th August 2019.
Central Vigilance Commission set up ABBF 
  • The ABBF has been formed in consultation with the RBI and is constituted to examine bank fraud of over 50 crore rupees and recommend action.
  • The board will act as the first level of examination of all large bank fraud cases before any recommendation is made by the respective PSBs to the investigative agencies.
  • Former Vigilance Commissioner T M Bhasin (also former CMD of Indian Bank) will be the head of ABBF, which will be a four-member board.
  • The board’s jurisdiction is confined to cases of an allegation of fraud involving officers of General Manager Level and above in the PSBs.
  • ABBF is the reconstituted version of the previous panel of the Advisory Board on Bank, Commercial and Financial Frauds.
  • The step of constituting the ABBF is taken as per the recommendations of an RBI expert committee on NPAs and frauds headed by YM Malegam.

Question: 

Q.1 Who is the head of the Advisory Board for Banking Frauds (ABBF) constituted by the Central Vigilance Commission (CVC) to examine bank frauds?
a. YM Malegam
b. T M Bhasin
c. B.P. Kanungo
d. Mahesh Kumar Jain
Central Vigilance Commission set up ABBF Central Vigilance Commission set up ABBF Reviewed by Neha Verma on August 26, 2019 Rating: 5

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