Bihar Government Intensifies Crackdown on Fake Currency and Financial Frauds
In a decisive move to safeguard the state's financial integrity, Chief Secretary Pratyaya Amrit has issued stringent directives aimed at curbing the circulation of counterfeit currency and illegal financial activities. The instructions were delivered during the 40th State-Level Coordination Committee meeting held on Wednesday in Patna, attended by top officials including Additional Chief Secretary (Finance) Anand Kishor, Special Secretary (Finance) Mukesh Kumar Lal, and RBI Regional Director Sujit Kumar Arvind.
Enhanced Border Surveillance and Banking Measures
During the high-level meeting, Chief Secretary Amrit mandated the compulsory installation of advanced note-sorting machines in all banks operating in proximity to the India-Nepal border. This measure is specifically designed to effectively detect and prevent the influx of fake currency notes into Bihar. He emphasized that enhanced surveillance mechanisms must be deployed across border areas to monitor suspicious activities closely. Additionally, Amrit called for the establishment of a maximum number of currency exchange centres in these regions to facilitate legitimate transactions for the public, thereby reducing reliance on informal channels.
Review of Cooperative Banks and Regulatory Compliance
The functioning of cooperative banks across Bihar came under rigorous scrutiny during the session. Officials stressed the importance of holding regular review meetings to enhance transparency and operational efficiency within these institutions. The implementation status of key legislative frameworks, including the Banning of Unregulated Deposit Schemes Act, 2019, and the Bihar Protection of Interests of Depositors Act, 2002, was thoroughly assessed. The Economic Offences Unit has been instructed to take swift and decisive action against any entities found violating these regulations, ensuring robust protection for depositors.
RBI Initiatives to Combat Financial Fraud
RBI Regional Director Sujit Kumar Arvind provided crucial updates on new initiatives to combat financial fraud. He announced that genuine calls from banks will now originate from telephone numbers starting with "1600," a move intended to help the public easily identify authentic communications and avoid falling prey to scams. Arvind also highlighted that official bank website links must end with ".in," enabling individuals to distinguish legitimate websites from fraudulent ones effectively. Furthermore, he shared insights into the Digital Payments Intelligence Platform, an AI-enabled system capable of detecting fraudulent activities in real time and flagging suspicious entities to prevent financial losses.
Awareness Campaigns and Enforcement Actions
Officials confirmed that continuous awareness campaigns against financial frauds are being conducted by the finance department and RBI through multiple channels, including social media platforms, newspapers, and radio jingles in local languages such as Maithili and Bhojpuri. These efforts aim to educate the public on recognizing and reporting scams. In terms of enforcement, the meeting was informed that an FIR has been registered against Purnoday Nidhi Limited, while the cyber cell has successfully removed illegal loan apps like Nitrofin Financial. Entities such as Samraddh Bestwin Micro Finance are currently under active surveillance for potential violations.
Strengthening Coordination for Public Safety
Concluding the meeting, Chief Secretary Pratyaya Amrit directed all relevant departments and agencies to strengthen their coordination and information-sharing mechanisms. This collaborative approach is essential to ensure the safety of public deposits across Bihar and to create a more secure financial environment. The comprehensive strategies discussed underscore the government's commitment to tackling economic offences and protecting citizens from financial exploitation.
