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BankingUPSC & State PSCNABARD / RBI

Advisory Board for Banking and Financial Frauds Reconstituted

23 August 20251 min read
BANKING & FINANCEAdvisory Boardfor Banking andFinancial FraudsReconstituted23 August 2025safalsetu.com

Why in the news

The ABBFF, called a safety valve for bankers, got a fresh two-year term.

Key facts

  • Set up by: the Central Vigilance Commission.
  • Scope: senior officials of public sector banks, insurers and financial institutions.
  • Role: judges whether officials had criminal intent or malafide involvement.
  • Members: former senior officials from banking, finance, law enforcement and vigilance.

Significance

  • Shields honest bankers from harassment while keeping accountability.

Exam angle

  • Threshold: Rs 3 crore and above.
  • Parent body: CVC.

Test yourself

1. Which body set up the Advisory Board for Banking and Financial Frauds?

The ABBFF is a panel set up by the CVC.

2. The ABBFF examines fraud cases involving what amount and above?

Cases of Rs 3 crore and above are referred to it.

3. When must public sector banks refer large fraud cases to the ABBFF?

Referral comes before any criminal investigation begins.

This topic is part of Daily Current Affairs 23 August 2025 (12 topics).

All topics of the dayDay quizAugust 2025

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