Reconstitution of Advisory Board on Banking and Financial Frauds (ABBFF)

• The Advisory Board on Banking and Financial Frauds (ABBFF) has been reconstituted by the Central Vigilance Commission (CVC).

• Former Central Vigilance Commissioner Suresh N Patel will head the reconstituted ABBFF.

• Apart from the President, the ABBFF has four members. The tenure of the chairman/members will be for two years from August 21.

• The four members of ABBFF are Ravikant, Rajnikant Mishra, David Rasquinha and Partha Pratim Sengupta.

• ABBFF conducts the first level of bank fraud investigations before recommendations or references are made for investigation by agencies such as the Central Bureau of Investigation (CBI).

• All PSBs, Public Sector Insurance Companies and Public Sector Financial Institutions are now required to refer all fraud cases of ₹3 crore and above to ABBFF for advice.