Concerned about the increasing number of frauds due to the forged documents the Reserve Bank of India has send a notification to all the bank CEOs. RBI has said that the forged documents are certified by valuers, advocates and the Chartered Accountants. RBI has advised that when a certification is proved to be wrong, the Indian Banks Association (IBA) must issue a caution list about the issuers of the certificates.
RBI also pointed out that there were instances of frauds even at the branches that were subject to concurrent audit, also in some cases the responsibility of audit was given to inexperienced staff. RBI has asked the concurrent auditors to be more careful.
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