NEW DELHI: No action can be initiated against top bankers for involvement in suspected frauds before a panel formed on Wednesday by the Central Vigilance Commission (CVC) gives its nod, according to an official order.
A five-member advisory board for banking and financial frauds has been created by the CVC to act as a “first-level of examination” in respect of officers in the rank of general managers (GMs) and above.
“The advisory board for banking and financial frauds shall function as the first-level of examination, in respect of officials in the rank of GM and above in public sector banks and equivalent thereof in public financial institutions incase of frauds amounting to more than Rs 50 crore, before such organisations initiate action in matters of banking and financial frauds,” the order issued by the probity watchdog said. (AGENCIES)
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