Central Fraud Registry

Central Fraud Registry

Part of: Prelims and GS-III-Economy; GS-II- Governance

In news–

• There has been decline in frauds at Public Sector Banks from ₹50,329 crore in 2013-14 to just ₹3,781 crore in the first three quarters of 2019-20 (Finance Ministry)
• RBI has put in place a central fraud registry, which is a searchable database to help banks detect instances of fraud by borrowers early on.
• It also helps Banks in carrying out due diligence during the credit sanction process
• Frauds of below 5 Crore will be monitored by regional offices of RBI and above 5 Crore will be monitored by the Central Fraud Monitoring Cell (CFMC) of RBI