The Boards of banks should constitute a Special Committee for monitoring and following up cases of frauds involving amounts of Rs.1 crore and above
RBI/2014-15/393DCBR.BPD PCB Cir. No.10/12.05.001/2014-15 January 7, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks Madam / Dear Sir, Monitoring of Large Value Frauds by the Board of Directors Please refer to our circular UBD.No.Plan.(PCB).9/09.06.00-94/95 dated July 25,1994 advising all UCBs to constitute an apex level Audit Committee of Board (ACB). ACB may consist of … Read more