Banks asked not to report frauds below â¹1 lakh to police
The Central Vigilance Commission has asked public sector banks not to report frauds below â¹1 lakh to local police, unless their staff is involved. Cases of up to â¹1 lakh and not below â¹10,000 are to be scrutinised by bank officials for further action, CVC said. The decision was taken amid practical difficulties faced by banks in reporting such cases.