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Use technology to prevent diversion of funds, CVC tells banks

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Use technology to prevent diversion of funds, CVC tells banks

The Central Vigilance Committee (CVC) has asked banks to use technology, especially artificial intelligence (AI), to create profiles and understand the lifestyle of borrowers in order to identify any transfers of funds at a later stage in the future, people familiar with the matter said. The highest security agency believes that a large number of high-value frauds occur not only because of the disregard of the lending system and procedures, but also because the banks have failed to monitor the use of loans.

“Banks are required to use artificial intelligence to track usage in order to send red flags and transfer funds in the event of any abnormalities in loan account operations. Thorough analysis is required, especially when overseas branches report large transfers,” one Said an official who asked not to be named. An investigation into high-value fraud cases reported in the past five or six years found that the defendant used public funds to buy bungalows, jets, helicopters, yachts, jewelry, high-end cars and real estate abroad, otherwise the money should have been used for loans.

The business activity mentioned. Vijay Mallya owns a luxury private jet and yachts, including one of the largest yachts in the world, a villa in Goa. According to reports, he organizes parties there, except in Britain, France and the United States, and the bank has been waiting for him to return the money.

He owed the Bank of India 900 billion rupees. Similarly, Nirav Modi (Nirav Modi) used bank funds for properties, such as Worli’s sea-facing apartment, a Rolls Royce worth 5 crore, an art collection worth billions of rupees, an apartment in New York And other countries (except for high-profile press conferences) for his brand. Mehul Choksi also transferred his money to the United States and Antigua and Barbuda, where he currently lives as a citizen. Nirav Modi and Choksi were accused of defrauding Punjab National Bank for 13,578 crore.

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A second-class official stated that the bank’s failure to monitor and analyze these activities may help to alert on fraud at an early stage. One of the issues that CVC noticed when processing/approving loans was that the same official was appointed to different financial/sanction committees. “Another outstanding issue that CVC has noticed is that in the case of joint/multiple financing, the delays in fraud declarations by banks are considerable.

This not only allows the borrower to deceive the banking system to a large extent, but also gives him a considerable amount of time. Time erases the trace of money,” said the first official mentioned above. CVC has advised banks to “prioritize fraud prevention at all levels through the use of technology and careful inquiry. Even after lodged a complaint with the Central Bureau of Investigation and other agencies, it also asked them to continue to pursue loans.

News Source : Hindustan Times

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.

The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.

Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.

With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.

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The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.

Weather and AQI predictions in Delhi for next 7 days:

DateTemperatureSky
October 23, 202432.93 °CSky is clear
October 24, 202432.69 °CSky is clear
October 25, 202432.5 °CSky is clear
October 26, 202432.07 °CSky is clear
October 27, 202430.69 °CSky is clear
October 28, 202431.29 °CSky is clear
October 29, 202432.09 °CSky is clear

Weather in other cities on October 22, 2024

CityTemperatureSky
Mumbai28.35 °CLight rain
Kolkata28.84 °CSky is clear
Chennai28.94 °CLight rain
Bengaluru25.53 °CModerate rain
Hyderabad27.75 °CModerate rain
Ahmedabad31.9 °CSky is clear
Delhi32.93 °CSky is clear

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