Foreign Exchange Inspection and Vigilance Department started its journey as a division on 6 June 2006 with the objective of ensuring the risk management of Foreign Exchange transactions and taking measures with a view to minimizing fraud and forgery in our banking industry. The division was upgraded as a full-fledged Department on 25 November 2007 with an expanded purview on the banking industry.

Foreign Exchange Inspection and Vigilance Department (FEIVD) conducts the following inspections:

        Comprehensive Inspection on 'Foreign Trade and Foreign Exchange Transaction' of AD branches and Head offices of Scheduled banks as per Annual Inspection Program.

        Inspections on Foreign Exchange Risk Management, which covers dealing room operations of head office of the commercial banks.

        Special inspections on specific areas, complaints (received from different public and private agencies and individuals), media reports etc.

        Inspections (both periodical and special) on Money Changers to assess and scrutinize Money Changers' activities.

FEIVD carries out post inspection follow-up of compliance of inspection reports of the banks as well as to enforce implementation of the recommendations contained therein and rectification of irregularities.

"Special Inspection Unit" and "Market Studies Cell" are constituted under FEIVD to accomplish the following duties respectively:

        To examine the veracity of findings/ irregularities presented in the inspection report.

        To collect data from various sources on banking and financial activities.