Stung by the recent housing loan scam and the Rs 300-crore Citibank fraud involving a relationship manager in Gurgaon that have dented the image of the domestic banking industry, the Indian Banks’ Association (IBA) has proposed to chalk out a new way to verify the authenticity of documents provided by loan applicants.The IBA has also written to the Institute of Chartered Accountants of India (ICAI) seeking suggestions to help its policing of fraud. The finance ministry has already asked the banks to adopt all means to eliminate possibilities of any fraud. The Reserve Bank of India (RBI) has also directed banks to fix staff accountability to prevent frauds. “Banks should ensure that the reporting system is suitably streamlined so that frauds are reported without any delay,” the central bank said in a circular last year.
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