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12. FRAUD COMMITTEE (SPECIAL COMMITTEE Of BOarD fOr mOnitOring high value FRAUDS)
a. The Bank has constituted a Fraud Committee in accordance with RBI guidelines to monitor and follow up cases of frauds involving amounts in excess of `1 (One) Crores and to review a report on the RFA accounts and follow-up of Frauds (SCBF) providing, inter alia, a synopsis of the remedial action taken together with their current status.
c. No meeting of the Fraud Committee was held during FY 2019-20 as no fraud was detected in the Bank where the amount involved was more than `1 (One) Crores.
13. cOmmittee Of DirectOrS
a. The Bank has in place a Committee of Directors to facilitate faster decision making to borrow monies, Issuing or arranging bank guarantees for Bank's own requirements; and offering security deposit, margin money, etc. for such and other transactions, to open Bank accounts, addition/deletion/change of signatories in Bank accounts, to apply for internet banking facilities and addition/deletion/change in inputter/authorisers, any other bank related matters, to enter into IBPC transactions, to enter into securitisation transactions, to avail refinance facilities from Financial Institutions, to raise monies through certificate of Deposits and to open DAD Accounts, Clearing Accounts and resolutions relating to any other statutory compliances/ regulatory matters. the Committee also approves all Financial Institutional Group (FIG) loan proposals in excess of `50 Crores.
mr. nitin chugh
Chairman of the Fraud Committee
Brief profile: Nitin Chugh is the Managing Director and Ceo of the Bank. He holds a bachelor’s degree in technology (electrical engineering) from Kurukshetra university and a professional diploma in marketing management from All India Management Association. He has previously worked with HDFC Bank limited, Standard Chartered Bank, HCl, Hewlett packard limited and Modi Xerox Limited.
Nature of Expertise: Banking
mr. mahaDev lakShminarayanan
Chairman of the Committee of Directors
Brief profile: Mahadev lakshminarayanan is an Independent Director of the Bank. He holds a bachelor’s degree in science from Kerala university and is a chartered accountant from the Institute of Chartered Accountants of India. He was previously a partner at Deloitte Haskins & Sells llp and Fraser & Ross and is currently director on the board of Aspinwall and Company limited.
Nature of Expertise: Accountancy, Taxation and Finance
b. The composition of the Fraud Committee is given below:
1. Mr. nitin Chugh* Chairman-Managing Director and CEO
2. Mr. Samit Kumar Ghosh** ex-Chairman –ex-Managing Director and CEO
3. Mr. luis Miranda*** Ex-Member - Independent Director
4. Mr. Biswamohan Mahapatra Member - Independent Director
* Joined the Committee w.e.f December 01, 2019
**Moved out from the Committee w.e.f December 01, 2019 due to retirement
***Moved out from the Committee w.e.f March 22, 2020 due to resignation
Sr. no.
Name of director
Designation/Category
198 | AnnuAl RepoRt 2019-20