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Tag: Vigilance

J&K Bank chairman Parvez Ahmad removed, Vigilance raids Bank headquarters

J&K Bank chairman Parvez Ahmad removed, Vigilance raids Bank headquarters

Finance
Jammu and Kashmir government on Saturday removed Parvez Ahmad as chairman cum managing director of the bank and appointed R K Chibber as interim chairman and managing director of the bank. Soon after the decision was made public state vigilance department raided Bank’s headquarters in Srinagar, which was continuing till the last reports came in. The timing of Ahmad’s removal--who was appointed by the PDP-BJP government in October 2016 and shown the exit door five months before completing the term--and vigilance raid has triggered many speculation regarding internal functioning and future of the bank. Chibber, who has served as chairman Grameen Bank and was one of the executive presidents of the J&K bank, would be the first non-Kashmiri to hold the position of chairman in the Bank. The ...
Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Central Vigilance Commission asks banks not to report frauds below Rs1 lakh to police

Finance
NEW DELHI: The Central Vigilance Commission (CVC) has asked public sector banks not to report frauds below Rs one lakh to local police, unless their staff is involved in such crimes. Earlier banks were mandated to report fraud of above Rs 10,000 and below Rs one lakh to police. The decision was taken by the CVC in consultation with the Reserve Bank of India (RBI), taking into the account the practical difficulties faced by public sector banks in reporting such categories of cases. It has been decided that only if staff of the bank is involved in the fraud cases of below Rs one lakh and above Rs 10,000, would such cases need to be reported or complaint filed with local police station by the bank branch concerned, the commission said in a directive to chiefs of all the banks. The cases ...