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Central Vigilance Commission (CVC)
Central Vigilance Commission (CVC) has formed a new panel to examine bank fraud and related cases. Consider the following statements regarding the newly formed panel:
- It is a five-member board and its jurisdiction would be confined to those cases involving the level of officers above the General Manager in the PSB in respect of an allegation of a fraud in a borrowal account.
- The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds.
- It would function as the first level of examination of all large fraud cases over Rs 500 and recommends suitable actions.
- Central Bureau of Investigation (CBI) may also refer any case or matter to the board where it has any issue or difficulty or in technical matters with the PSB concerned.
Choose the correct answer from the codes given below:
A |
1 and 2
|
|
B |
2 and 4
|
|
C |
1 and 3
|
|
D |
1, 2, 3 and 4
|
Your Ans is
Right ans is B
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- The CVC has constituted a four-member Advisory Board for Banking Frauds (ABBF) headed by former Vigilance Commissioner T M Bhasinto examine bank fraud over Rs 50 crore and recommend action.
- Other members of the panel are Madhusudan Prasad - former Urban Development Secretary, D K Pathak - former Director General of the Border Security Force and Suresh N Patel - former MD and CEO of Andhra Bank. The tenure of the Chairman and members would be for a period of two years from August 21, 2019.
- The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds.
- The board's jurisdiction would be confined to those cases involving the level of officers of General Manager and above in the PSB in respect of an allegation of a fraud in a borrowal account.
- CBI may also refer any case or matter to the board where it has any issue or difficulty or in technical matters with the PSB concerned.
- So, the statements given as 2 and 4 are correct while 1 and 3 incorrect.
Source: Civil Services Chronicle Online
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