Reason: Intelligence Bureau and Central Bureau of Investigation Officials were felt difficulty in probing the Fraudulent and Money Laundering cases where the bank transactions details were provided with different Formats by different Banking Sectors
- It would cause wastage of Manpower and Time. About 11,997 were registered in relating to frauds in the name of Siphoned.
Solutions:
- Banks were advised to share all the transactions details in standard format so that Revenue Intelligence and Central Security agencies to probe the money laundering and financial fraud Cases.
- An exclusive meeting was conducted headed by Revenue Secretary Shri. Hashmukh Adhia, Officials of CBI, IB and Representative of RBI on “Working Group on Intelligence Apparatus” and advised that Indian Banking Association to use the standard formats for transactions such as NEFT, Intra Bank Transfer including Cheque transactions.
Heads of Important Organisation:
- IBA – TM Bhasin, Head of Indian Bank
- RBI – Raghuram Rajan, Governor
- CBI – Anil Kumar Sinha
- IB – Dineshwar Sharma
Abbreviation:
- NEFT – National Electronic Fund Transfer
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