CVC wants to keep an eye on private banks

CVC wants to keep an eye on private banks

What has happened?

The Central Vigilance Commission (CVC) has urged the Prime Minister’s Office to bring private sector banks under its watch, citing the fact that they have been involved in many recent instances of malfeasance.

Current situation

Private sector banks are out of the CVC’s purview, but are subjected to statutory audits from the Reserve Bank of India (RBI)

CBI suspects a nexus between ICICI and Videocon

It has initiated a preliminary inquiry into loans granted by the country’s largest private lender ICICI Bank to Videocon Industries as it suspects a nexus between Deepak Kochhar, husband of the bank’s CEO and managing director ChandaKochhar, and Videocon chairman VenugopalDhoot