PNB's website claims to have introduced since 2014-15 systemic changes to its vigilance system. Important among them is the Role-Based Staff Accountability (RBSA) Policy. "RBSA policy has been introduced which will help to identify the employee with regard to the relevant lapses according to the attributable role they have played in discharging duties".
And yet, bank officials at the lower level facilitated Nirav Modi to embezzle Rs 11,400 crores from the bank.
To explain how and why the so-called foolproof system failed, PNB's Chief Executive and MD Sunil Mehta and its Chief Vigilance Officer Satish Kumar Nagpal are scheduled to meet with Central Vigilance Commissioner KV Chowdhary on Monday, February 19.
Indianmandarins has learnt that the meeting may also be attended by senior Finance Ministry officials and representatives of the Reserve Bank of India.
The CVC - which has the powers of civil court - will be keen to understand if there are any systemic issues that need to be addressed. There are indications of lapses at PNB's end on adherence to job rotation norms prescribed by CVC for banks.
Ever since the Rs.11,400 crore scam came to light last week, the CVC has become the fourth government agency involved in the investigations besides Enforcement Directorate, Central Bureau of Investigation, and Income-Tax Department.
The CVC meeting comes on the heels of the Indian Banks Association (IBA) discussing the scam at its meeting in Mumbai last Saturday. The IBA meeting was attended by the PNB's MD and CEO (through video-conference) and other top honchos of the banking industry.
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By IndianMandarins - 2018-02-19 08:00:39
PNB's website claims to have introduced since 2014-15 systemic changes to its vigilance system. Important among them is the Role-Based Staff Accountability (RBSA) Policy. "RBSA policy has been introduced which will help to identify the employee with regard to the relevant lapses according to the attributable role they have played in discharging duties".
And yet, bank officials at the lower level facilitated Nirav Modi to embezzle Rs 11,400 crores from the bank.
To explain how and why the so-called foolproof system failed, PNB's Chief Executive and MD Sunil Mehta and its Chief Vigilance Officer Satish Kumar Nagpal are scheduled to meet with Central Vigilance Commissioner KV Chowdhary on Monday, February 19.
Indianmandarins has learnt that the meeting may also be attended by senior Finance Ministry officials and representatives of the Reserve Bank of India.
The CVC - which has the powers of civil court - will be keen to understand if there are any systemic issues that need to be addressed. There are indications of lapses at PNB's end on adherence to job rotation norms prescribed by CVC for banks.
Ever since the Rs.11,400 crore scam came to light last week, the CVC has become the fourth government agency involved in the investigations besides Enforcement Directorate, Central Bureau of Investigation, and Income-Tax Department.
The CVC meeting comes on the heels of the Indian Banks Association (IBA) discussing the scam at its meeting in Mumbai last Saturday. The IBA meeting was attended by the PNB's MD and CEO (through video-conference) and other top honchos of the banking industry.
