IBA seeks training sessions by CBI to tackle bank fraud

The Indian Banking Association (IBA) has suggested to the finance ministry to direct public sector banks (PSBs) to organise regular training sessions by the Central Bureau of Investigation (CBI) for bankers to enhance vigilance and prevent fraud.

- HARSH KUMAR

"We have seen a surge in frauds in recent times. For better coordination and to give more knowledge to the bankers to handle fraud-related situations, IBA has suggested to the finance ministry that PSBs may hold capacity-building sessions with CBI officials. Banks, on an individual basis, should invite CBI officials for some sessions," a senior IBA official said.

The official also added that banks should establish a robust mechanism for the empanelment and de-empanelment of third-party agencies, particularly rating agencies, to ensure transparency, accountability, and reliability.