Explain briefly: Reserve Bank of India guidelines of Reporting Bank Fraud to Police/CBI.

In dealing with cases of fraud / embezzlement, banks should not merely be actuated by the necessity of recovering expeditiously the amount involved, but should also be motivated by public interest and the need for ensuring that the guilty persons do not go unpunished. Therefore, as a general rule, the following cases should invariably be referred to the State Police or to the CBI as detailed below: Category of Bank Amount involved in the fraud Agency to whom complaint should be lodged Remarks Private Sector/ Foreign Banks ₹10000 and above State Police If committed by staff ₹0.1 million and above State Police If committed by outsiders on their own and/or with the connivance of bank staff/officers. ₹10 million and above In addition to State Police, SFIO, Ministry of Corporate Affairs, Government of India, Second Floor, Paryavaran Bhavan, CGO Complex, Lodhi Road, New Delhi-110003. Details of the fraud are to be reported to SFIO in FMR Format. Public Sector Banks Below ₹30 millions 1. ₹10,000/- and above but below ₹0.1 million State Police If committed by staff* 2. ₹0.1 million and above but below ₹30 million To Offences Wing of the state concerned To be lodged by the Regional Head of the bank concerned. ₹30 million and above and up to ₹250 million CBI To be lodged with Anti Corruption Branch of CBI (where staff involvement is prima facie evident) Economic Offences Wing of CBI (where staff involvement is prima Facie Not Evident) More than ₹250 million and up to ₹500 million CBI To be lodged with Banking Security and Fraud Cell (BSFC) of CBI (irrespective of the involvement of a public servant). More than ₹500 million CBI To be lodged with the Joint Director (Policy) CBI, HQ New Delhi. * Note: All fraud cases of value below ₹10,000/- involving bank officials, should be referred to the Regional Head of the bank, who would scrutinize each case and direct the bank branch concerned on whether it should be reported to the local police station for further legal action.