NEW DELHI: Senior officials from seventeen leading banks attended a meeting organized by the Punjab National Bank to discuss ways to curb rise in frauds under the Cheque Truncation System (CTS). The first edition of the conference saw 44 senior officials from 17 banks, including banks like State Bank of India, Canara Bank, ICICI Bank, HDFC, Axis Bank among others; who brainstormed and discussed ways of controlling the menace and establishing ground rules for collecting bank's responsibility for 'due diligence and paying bank's duties'. The discussions ended with passing of a resolution on the role of banks to contain the menace and also decided to take up the issue with the Reserve Bank of India (RBI) for providing separate guidelines on reporting of frauds under CTS and other related issues.
TOI
