Banks to audit documents of credits of Rs 5 Crore and above periodically: RBI

As per the directions made by RBI, Banks will have to do periodical audits and re-verification of the documents of all credits of and above Rs 5 crore, till the loan is completely repaid. The instructions have been made in order to check frauds.

As notified by the RBI, the banks should provide quarterly review notes of such audits that include information like number of accounts where rectification is required, list of deficiencies observed by auditors and steps taken to rectify the deficiencies.
The direction came up after RBI found a large volume of frauds at the time when the branches of banks were under concurrent audit. The bank found that frauds were perpetrated on account of the submission of forged documents of the borrower, which were certified by advocates/chartered accountants/valuers.

200 Indians victim of cheating stranded in Saudi Arabia

Around 200 skilled and unskilled laborers from different states of India are stranded in Saudi Arabia after their Bangladeshi employer cheated them. The worker were promised jobs in a plastic factory, but were made to clean toilets. They have appealed to the government of India for help to return home.

Duped by Agents

It has become a serious problem for India to deal with these sorts of situation when people take improper route to go abroad and the ramifications which follow. In the present case, the laborers were recruited for a plastic factory after they paid Rs 80, 000- Rs 1,50,000 to the agents who made arrangements for their travel and ended up in a manpower supplying company managed by two Bangladeshis.