Central Vigilance Commission (CVC) has asked all public sector banks and insurance companies to ensure that they seek recommendations from its advisory board regarding all cases of fraud involving Rs 3 crore and more.
The chief vigilance officer (CVO) should mention whether the case is eligible to be referred to the advisory board along with the date of reference besides details of the recommendations given by it, the CVC said.
The probity watchdog had issued an order in this regard to the chief executives and CVOs of all public sector banks and insurance companies on January 21.
The CVC had on January 6 expanded the ambit of the Advisory Board for Banking and Financial Frauds (ABBFF), to cover all such cases involving amounts of Rs 3 crore and above besides examining the role of all levels of officials.
Earlier, the board was required to be consulted regarding banking and financial frauds of Rs 50 crore and above before recommendations or references were made to investigative agencies.
(With inputs from PTI)
