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Private sector banks under purview of CVC

Private sector banks under purview of CVC

 

  • Private Banks have deviated from norms that govern the disclosure of non-performing assets (NPAs), leading to under-reporting.

  • The processes followed for lending decisions among private lenders have also come under the scanner.

  • Private sector banks are out of the CVC’s purview, but are subjected to statutory audits from the Reserve Bank of India (RBI).

  • Vigilance officers in all State-owned public sector banks are required to report irregularities and possible wrongdoing to the CVC, India’s apex body for checking corruption in the government.

NEWS:

  • The Central Vigilance Commission (CVC) has urged the Prime Minister’s Office to bring private sector banks under its watch, citing the fact that they have been involved in many recent instances of malfeasance.

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