Banks to seamlessly share data on frauds through dedicated exchange

Banks would soon be able to seamlessly share data on frauds through a dedicated exchange, just like credit reports, if the proposal to form a specialised exchange gets the government’s nod.

The idea to create the exchange is the brainchild of three public sector banks — Bank of India, Bank of Baroda and Allahabad Bank — which were entrusted by the government to look into the rising the number of frauds in the banking system, said a person familiar with the development.

The banks, in their recommendations to the department to financial services (DFS), have suggested forming an exchange, with a 74-per