The Reserve Bank of India on Thursday asked the private sector and foreign banks to appoint senior officials as chief of internal vigilance (CIV) on the lines of chiet vigilance officer (CVO) of PSBs.
Issuing detailed norms on the functioning of the CIV, RBI said vigilance functions to be performed by the CIV would be wide ranging and will include collecting intelligence about the corrupt practices committed, or likely to be committed, by the employees of the organisation.
The CIVs? functions can broadly be divided into three parts, Preventive vigilance; Punitive vigilance; and surveillance and detection.
The CIV will also need to investigate or initiate an investigation to be made into verifiable allegations reported to him by processing investigation reports for further consideration of the disciplinary authority concerned. The CIV can also refer the matters to the CEO of the bank for advice wherever necessary, taking steps to prevent commission of improper practices, misconducts, etc.
The RBI has mandated the CIV to keep vigilance over range of lapses and malpractices by the officers of the bank.
The activities include demanding and/or accepting gratification other than legal remuneration in respect of an official act or for using his influence with any other official.
Obtaining valuable thing, without consideration or with inadequate consideration from a person with whom he has or is likely to have official dealings or his subordinates have official dealings or where he can exert influence.should also be monitored.
The other activities such as obtaining for himself or for any other person any valuable thing or pecuniary advantage by corrupt or illegal means or by abusing his position as an employee,possession of assets disproportionate to his known sources of income, cases of misappropriation, forgery or cheating or other similar criminal offences can also be kept under watch.