The Central Vigilance Commission (CVC) is likely to increase its snooping on public sector banks in the wake of the R300-crore fraud in Citibank’s Gurgaon branch and the housing loan scam involving LIC Housing Finance that came to light last month. Both incidents have caused serious embarrassment to the country’s banking industry, which was largely congratulating itself on its prudence after it withstood the brunt of the global financial crisis. Sources in state-owned banks said Central vigilance officers (CVOs) are likely to monitor high value bank transactions to ensure that incidents of fraud are reduced. Transactions involving more than R1 million are currently considered as high value.
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