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Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).
1. It has been constituted by RBI.
2. It conducts first level examination of all bank frauds.
3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.
Which of the above statements is/are correct?
- a)1, 3
- b)2, 3
- c)3 only
- d)1, 2, 3
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Advisory Board for Banking...
Explanation:
Statement 1: It has been constituted by RBI.
This statement is incorrect. The Advisory Board for Banking and Financial Frauds (ABBFF) has not been constituted by the Reserve Bank of India (RBI).
Statement 2: It conducts first level examination of all bank frauds.
This statement is incorrect. The ABBFF does not conduct the first level examination of all bank frauds.
Statement 3: It periodically carries out fraud analysis in the financial system and gives inputs for any policy formulation related to the frauds to the RBI.
This statement is correct. The ABBFF is an independent body that periodically carries out fraud analysis in the financial system and provides inputs for policy formulation related to frauds to the RBI. It helps in identifying areas of weakness in the banking system and suggests measures to improve the preventive vigilance framework.
Conclusion:
Only statement 3 is correct. The ABBFF is not constituted by the RBI, and it does not conduct the first level examination of all bank frauds. Its main function is to carry out fraud analysis and provide inputs for policy formulation related to frauds to the RBI.
Statement 1: It has been constituted by RBI.
This statement is incorrect. The Advisory Board for Banking and Financial Frauds (ABBFF) has not been constituted by the Reserve Bank of India (RBI).
Statement 2: It conducts first level examination of all bank frauds.
This statement is incorrect. The ABBFF does not conduct the first level examination of all bank frauds.
Statement 3: It periodically carries out fraud analysis in the financial system and gives inputs for any policy formulation related to the frauds to the RBI.
This statement is correct. The ABBFF is an independent body that periodically carries out fraud analysis in the financial system and provides inputs for policy formulation related to frauds to the RBI. It helps in identifying areas of weakness in the banking system and suggests measures to improve the preventive vigilance framework.
Conclusion:
Only statement 3 is correct. The ABBFF is not constituted by the RBI, and it does not conduct the first level examination of all bank frauds. Its main function is to carry out fraud analysis and provide inputs for policy formulation related to frauds to the RBI.
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Consider the following statements regarding Advisory Board for Banking...
The Central Vigilance Commission (CVC) has expanded the ambit of an advisory board that conducts first level examination of large bank frauds to now cover all fraud cases involving amount of Rs 3 crore and above. Earlier Advisory Board for Banking and Financial Frauds (ABBFF) conducted initial examination in all large fraud cases (of above Rs 50 crore) before recommendations or references are made to investigative agencies such as Central Bureau of Investigation (CBI) by the respective public sector banks (PSBs) and financial institutions. Officials of the level of general managers and above, whole-time directors, including former officials or former whole-time directors are under the ambit of the board. The board may also periodically carry out frauds analysis in the financial system and give inputs for any policy formulation related to the frauds to the RBI and to the CVC.
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Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
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Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements regarding Advisory Board for Banking and Financial Frauds (ABBFF).1. It has been constituted by RBI.2. It conducts first level examination of all bank frauds.3. It periodically carry out frauds analysis in the financial system and give inputs for any policy formulationrelated to the frauds to the RBI.Which of the above statements is/are correct?a)1, 3b)2, 3c)3 onlyd)1, 2, 3Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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