Need for RBI action as banking frauds mount: Federation

Kolkata, Aug 10 (IANS) Stressing that the total amount of banking fraud in the 2018 fiscal stood at Rs 32,000 crore, the Bank Employees Federation, West Bengal, on Friday demanded the RBI to restart its branch level on-site inspection immediately and restore trust of the customers in banking services.

The BEFI also called for strengthening the supervision of ATMs both by engaging security guards and using the available technology.

"During the Financial year 2018, the total amount of fraud stands at a staggering Rs. 32,000 crore. We demand RBI restart its branch level on-site inspection immediately and restore trust of the customers in banking services," BEFWB General Secretary Joydeb Dasgupta said.

"Let RBI act as an independent regulator and supervisor of banks to ensure the fullest safety of all account holders and ATM clients by strengthening the supervision of ATMs both by engaging security guards and using available technology," said Dasgupta.

He also asked the RBI to coordinate among the central government, respective state governments and all banks.

He expressed his dismay over two lakh contract workers engaged as security guards mostly at ATMs being under the process of retrenchment. "Already thousands have lost their jobs after rendering regular services for 15-20 years," he added.

In West Bengal alone, some 5,000 employees have been fired by banks, he said.

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