NEW DELHI: As part of ease of doing business and to mitigate risk in case of high-value banking loans, the Central Economic Intelligence Bureau, an arm of the finance ministry, with the help of SBI on Tuesday launched a digital platform that would help all govt banks to obtain mandatory intelligence clearance from CEIB within 7-10 days, which earlier took months, delaying disbursement of funds.
Sources said the ‘antecedent verification report’ ensures timely inputs to banks for due diligence while mitigating risks associated with fraudulent activities. These reports provide robust safeguards in risk assessment and mitigation. The CEIB inputs, which are at present mandatory only for public sector banks (PSBs), act as a safeguard for risk assessment.
Banks cannot sanction high-value loans without taking a clearance from the CEIB, the central agency which performs a data check of economic offenders before generating any such report. Entities which are classified as NPAs are particularly under surveillance. These reports are prepared based on a rich economic offenses database maintained by the Bureau, a senior officer said.
“The antecedent verification report ensures timely inputs to banks for due diligence while mitigating risks associated with fraudulent activities. It provides robust safeguards for PSBs in risk assessment and mitigation, the officer added. The new App was launched by SBI chairman and DG CEIB yesterday at Mumbai.
“The CEIB is also very soon going to launch National Economic Offence Record (NEOR) which will be taking offence data for more than 18 enforcement agencies, including CBI, ED, DGGI, CBDT, DRI, SEBI, SFIO and the economic offence wings of states,” the officer said.
All these agencies are already uploading case data and FIRs through an online application on a real time basis in the economic offence database.
As part of the new App, all PSBs will now submit their requests for intelligence clearance to CEIB through dedicated emails in a specific format. Earlier, CEIB was processing the antecedent reports manually, which was a time-consuming exercise.
Sources said the ‘antecedent verification report’ ensures timely inputs to banks for due diligence while mitigating risks associated with fraudulent activities. These reports provide robust safeguards in risk assessment and mitigation. The CEIB inputs, which are at present mandatory only for public sector banks (PSBs), act as a safeguard for risk assessment.
Banks cannot sanction high-value loans without taking a clearance from the CEIB, the central agency which performs a data check of economic offenders before generating any such report. Entities which are classified as NPAs are particularly under surveillance. These reports are prepared based on a rich economic offenses database maintained by the Bureau, a senior officer said.
“The antecedent verification report ensures timely inputs to banks for due diligence while mitigating risks associated with fraudulent activities. It provides robust safeguards for PSBs in risk assessment and mitigation, the officer added. The new App was launched by SBI chairman and DG CEIB yesterday at Mumbai.
“The CEIB is also very soon going to launch National Economic Offence Record (NEOR) which will be taking offence data for more than 18 enforcement agencies, including CBI, ED, DGGI, CBDT, DRI, SEBI, SFIO and the economic offence wings of states,” the officer said.
All these agencies are already uploading case data and FIRs through an online application on a real time basis in the economic offence database.
As part of the new App, all PSBs will now submit their requests for intelligence clearance to CEIB through dedicated emails in a specific format. Earlier, CEIB was processing the antecedent reports manually, which was a time-consuming exercise.
