17 October 2018: UPSC Exam PIB Summary & Analysis

Read the daily PIB update and stay up-to-date on current affairs for the UPSC exam

Asia-Europe Meeting (ASEM)

  • It is an intergovernmental process established in 1996 to foster dialogue and cooperation between Asia and Europe
  • It comprises 53 partners: 30 European and 21 Asian countries, the European Union and the ASEAN Secretariat.
  • ASEM addresses political, economic, financial, social, cultural, and educational issues of common interest, in a spirit of mutual respect and equal partnership.
  • ASEM is bi-annual event conducted as an informal and flexible process on the basis of equal partnership, mutual respect and mutual benefit and to promote the exchange of ideas and best practices and thus act as breeding ground for new policy ideas.
  • The theme of the 2018 ASEM Summit is ‘Global Partners for Global Challenges’.

 

Context

  • Vice President leaves for Belgium to attend 12th ASEM Summit

 

Top 100 Bank Frauds

Context

  • The Central Vigilance Commission (CVC) released a first-of-its-kind analysis of the top 100 banking frauds and has shared its findings with the Reserve Bank of India (RBI) and department of financial services to plug loopholes observed by the Commission.

 

Details

  • In order to make the report more comprehensive, the top 100 Bank Frauds have been classified into 13 sectors, namely gems and jewellery, manufacturing / industry, agro, media, aviation, service / project, discounting of cheques, trading, Information Technology, export business, fixed deposits, demand-loan, and Letter of Comfort
  • The analysis of the top bank frauds included in the report mainly focuses on modus operandi, amount of money involved, type of lending, anomalies observed, loopholes that facilitated the fraud,
  • The study focused on the methods used by fraudsters, and the loopholes noticed by the CVC, and suggested systematic improvements to avoid such frauds.

 

Recommendation

  • The measures suggested include strengthening of Standard Operating Procedures, monitoring system and also highlighting the role of controlling offices, so as examine the aspect of quality of business

 

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