Anti-graft watchdog examines audit reports of PSUs, insurance firms

Central Vigilance Commission is examining audit reports of all public sector banks and insurance companies to check for frauds and suggest corrective measures. The move was taken after the state-run banks and insurance firms reported large-scale frauds and a high number of bad loans or non-performing assets. According to government data, a total of 8802 cases of fraud have been reported by commercial and public sector banks between 2017 and 2018.