....On measures taken to prevent/reduce incidences of frauds, Chidambaram said, "RBI is sensitising banks from time to time about common fraud prone areas through issuance of modus operandi circulars on various types of frauds." He further said RBI has advised banks to introduce a system of concurrence audit and constitute a Special Committee of the Board to exclusively monitor frauds of Rs 1 crore and above.....
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