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February 19, 2018

PNB Scam Effect : New Transfer Rules for Bank Officers and Clerks 2018

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In the wake of recent Punjab National Bank fraud case, the Central Vigilance Commission (CVC) today issued an advisory to all the Public Sector Banks (PSBs) ordering them to transfer the Officers who have completed the tenure of 3 years as on 31st December 2017. While in the same advisory, the CVC also mandated to transfer the Clerical staff who have completed 5 years tenure as on 31st December 2017. The CVC stressed that this new advisory to be implemented immediately.  Bank of Baroda has already started implementing the process.

About CVC
The Central Vigilance Commission (CVC) is an apex Indian governmental body to  address governmental corruption. It has the status of an autonomous body, free of control from any executive authority, charged with monitoring all vigilance activity under the Central Government of India, advising various authorities in central Government organizations in planning, executing, reviewing and reforming their vigilance work.

About PNB Scam
The Punjab National Bank scam is seen as one of the biggest banking scams in the history of India as it involves a fraud of $1.8 billion. Billionaire diamond merchants Nirav Modi and Mehul Choksi are the key players in the scam. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31.

According to a recently released RBI data, at least one bank staffer is caught and punished for involvement in fraud every four hours on an average.

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