[sbinews] CVC jurisdiction in banks curbed (Business Standard)
- From: Rajendra Pai <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Wed, 7 Apr 2004 20:06:18 -0700 (PDT)
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CVC jurisdiction in banks curbed
(Business Standard)
Our Banking Bureau / Mumbai April 08,2004
The Central Vigilance Commission has started
withdrawing from the banking sector, albeit slowly.
The government has issued a notification limiting the
jurisdiction of CVC to assistant general manager
(Scale V) and above in public sector banks as against
the present coverage of a senior manager (Scale III)
and above.
As a result, the number of officers coming directly
under the purview of CVC will drastically come down
from over 43,500 to about 4,500.
This move is expected to improve the functioning of
public sector banks at all levels and take away fear
psychosis in lending operations
For vigilance cases involving chief manager (Scale IV)
and below, CVC has now left it to individual banks to
have their own internal vigilance management. CVC will
thus move away from micro-management to off-site
surveillance through periodical vigilance audits.
The CVC is in the process of streamlining its
operations. It will soon issue a detailed guidelines
on checks and balances in the financial sector.
The focus will be on greater internal system of banks
and CVC will discourage them to refer cases to the
commission. On an average between 3,500 to 4,000 cases
are referred to the CVC annually.
At present the officers in the middle
management/senior management/top executive grades in
the PSU banks live in the perennial fear that they may
be hauled over the coals if the credit decisions taken
by them were to go awry.
In fact, the situation has come to such a pass that
not taking credit decisions assures one of faster
promotions than taking decisions, said one banker.
The revised guidelines, which are on the anvil, will
cover definitional, jurisdictional and operational
changes envisaged in Vigilance Management in public
sector banks.
Indian Banks? Association chairman V Leeladhar said
that with greater responsibilities cast on public
sector banks, they will have to ensure that their own
internal vigilance machinery is appropriately
strengthened to meet the expectations of CVC.
Central Vigilance Commission and banking division of
the Ministry of Finance, on a representation made by
the IBA, had reviewed the entire gamut of vigilance
management and made far-reaching changes in the powers
and functions of the CVC in relation to public sector
banks.
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