Rejecting the notion that 3Cs -- CVC, CAG and CBI -- are hampering lending operations, Vigilance Commissioner T M Bhasin said CVC understands that banks are in commercial and risk-taking business and protects all honest decisions.
Rejecting the notion that 3Cs — CVC, CAG and CBI — are hampering lending operations, Vigilance Commissioner T M Bhasin said CVC understands that banks are in commercial and risk-taking business and protects all honest decisions.
“CVC is duly protecting all honest decisions and actions of bankers and would continue to do so in future as well,” Bhasin told PTI.
On various occasions, bankers have voiced fears that the 3Cs — the Central Vigilance Commission (CVC), the Comptroller and Auditor General (CAG) and the Central Bureau of Investigation (CBI) — act as deterrents for them for not taking lending decisions.
Asked if the charges are true, he said one C, that is CAG, is not auditing the books of accounts or looking into the lending operations or recovery management of public sector banks (PSBs).
As for other 2Cs, he said “the powers and functions of CVC have been laid down in Section 8 of the CVC Act 2003 through which CVC exercises superintendence over functioning of CBI in investigation of offences committed under the Prevention of Corruption Act or offences with which public servants may be charged under CPC”.
There is proper co-ordination and symbiotic relationship between CVC and CBI, he maintained, adding that CVC issues directions to CBI either on its own or on a reference by the central government for inquiries or investigation to be made.
CVC, according to Bhasin, periodically reviews the progress of investigations conducted by CBI on a monthly basis and the focus is always on ensuring malafide or actions with criminal intent should not go unpunished.
However, at the same time, all bonafide, rule-based and policy driven actions of the officials are duly protected, he asserted.
To instil confidence and boost morale of Group A and above officers in government and officials of public sector enterprises, Bhasin said various policy decisions have been enforced by CVC.
Recently, the CVC sought to put in place a mechanism to look into rising cases of misconduct and instances of fraud by top officials of PSBs. It has written to the Department of Financial Services in this regard.
“The Commission, taking into account the rising misconduct and instances of frauds and irregular decisions pertaining to CMDs and EDs of PSBs, was of the considered view that there is a need for a specific deterrent mechanism for initiation of disciplinary action against Whole Time Directors and continuation of the same after completion of their tenure in office and demission of office,” it said.