Public banks still not ready to let agencies probe employees
finance ministry that they will continue to deny investigative agencies permission to investigate their employees unless they are provided with material evidence of wrongdoing.
The finance ministry is meeting with the CEOs and chief vigilance officers (CVO) of PSU lenders today (Wednesday) on resolving conflicts between banks and investigative agencies probing bank officials. According to the banks, investigative agencies have initiated probes on the basis of suspicion and not evidence, and the investigation process is humiliating and often followed by raids. «It demoralises other employees who are not on the radar,» a senior banker said.
The agencies contend that the denial of permission to investigate bankers for alleged frauds has resulted in a significant backlog of unresolved cases.
According to an amendment under Section 17A of the Prevention of Corruption Act in 2018, an investigative agency can initiate a probe against bank employees only after the bank management approves it. Unlike PSU banks, private banks do not come directly under the purview of investigating agencies, yet under the law an approval from their management too is required to probe their employees.
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