CVC releases framework for advisory board for banking and financial frauds

News:The Central Vigilance Commission (CVC) has released a framework for the Advisory Board for Banking and Financial Frauds.

Facts:

About Advisory Board for Banking Frauds(ABBF):

• The Advisory Board for Banking frauds will be four-member board.It will be headed by former Vigilance Commissioner T M Bhasin.
• It will function as the first level of examination of all large fraud cases before recommendations or references are made to the investigative agencies by the respective Public Sector Banks.  
• The board’s jurisdiction will be confined to those cases involving officers of General Manager level and above in the PSBs in respect of an allegation of fraud in a borrowal account. 
• The banks would refer all large fraud cases above ₹50 crore to the board and on receipt of its recommendation or advice,the bank concerned would take further action in such matter.

Additional information:

About CVC:

• The CVC was set up by the Government in 1964 on the recommendation of the Santhanam Committee.In 2003,the Parliament enacted CVC Act conferring statutory status on the CVC.
• The CVC is not controlled by any Ministry or Department.It is an independent body which is only responsible to the Parliament.CVC receives complaints on corruption or misuse of office and recommend appropriate action.