Bank frauds of over Rs 3cr will need panel nod for CBI probe

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The Central Vigilance Commission (CVC) has amended rules to mandate that all bank fraud cases of over Rs 3 crore will be referred to an expert panel to decide if an investigation by the Central Bureau of Investigation (CBI) is warranted in what is seen as a fresh attempt to comfort bankers. Earlier, only fraud cases of over Rs 50 crore in public sector banks were referred to this panel.