The Central Government has constituted a five-member “Advisory Board for Banking and Financial Frauds”. The Central Vigilance Commission (CVC) on January 15, 2020 released a framework in this regard.
- The board will be headed by former vigilance commissioner TM Bhasin. Former urban development secretary Madhusudan Prasad, former director general of the Border Security Force (BSF) DK Pathak, and the former managing director and chief executive officer of Andhra Bank, Suresh N Patel are its other members .
- The Advisory Board to vet all alleged frauds of a magnitude of at least Rs. 50 crore.
- The “Framework for Advisory Board”, the body will act as a “first-level of examination” in respect of officers in the rank of general managers (GMs) and above PSB’s and equivalent there for public financial institutions.
- The board will investigate state-run banks and public financial institutions before these are referred to investigative agencies such as the Central Bureau of Investigation (CBI).
