Preventive Vigilance in Banks
Articles
| Vigilance Administration |
|VIGILANCE ADMINISTRATION IN PUBLIC SECTOR BANKS |
|Vigilance administration in banks has assumed added importance these days in the wake of recent fraud case in the Citibank, Gurgaon (a |
|private sector foreign bank). The gigantic proportions to which the amount has gone up beyond Rs.300 crore is mind - boggling. Needless to |
|mention here that the Citibank is a bank which has international character, has well laid down systems and procedures, is totally |
|technology savvy bank and there are lot of internal checks and balances. Furthermore, the fraud seems to have been committed by one |
|individual employee may be in collusion with the other employees of the bank which the investigations will reveal. There is no set up in |
|the Citibank (nor in any other foreign or private sector banks) on the lines of vigilance units in public sector banks set up under the |
|aegis of the Central Vigilance Commission. However, the frauds are not new to the financial sector institutions. Hence, the need to |
|tighten vigilance machinery in public sector banks in India cannot be over-emphasized. The following article explains the concept of |
|vigilance in public sector banks. |
|The word ‘Vigilance’ means ‘watchfulness’, ‘caution’ or ‘circumspection’. Vigilance aims at preventing frauds, punishing the wrong-doers |
|and protecting the innocent and honest staff members. Vigilance is an integral part of the management function. On the other hand, an |
|organisation is an association of people working together for achieving certain common objectives for the benefit of the community at |
| Vigilance Administration |
|VIGILANCE ADMINISTRATION IN PUBLIC SECTOR BANKS |
|Vigilance administration in banks has assumed added importance these days in the wake of recent fraud case in the Citibank, Gurgaon (a |
|private sector foreign bank). The gigantic proportions to which the amount has gone up beyond Rs.300 crore is mind - boggling. Needless to |
|mention here that the Citibank is a bank which has international character, has well laid down systems and procedures, is totally |
|technology savvy bank and there are lot of internal checks and balances. Furthermore, the fraud seems to have been committed by one |
|individual employee may be in collusion with the other employees of the bank which the investigations will reveal. There is no set up in |
|the Citibank (nor in any other foreign or private sector banks) on the lines of vigilance units in public sector banks set up under the |
|aegis of the Central Vigilance Commission. However, the frauds are not new to the financial sector institutions. Hence, the need to |
|tighten vigilance machinery in public sector banks in India cannot be over-emphasized. The following article explains the concept of |
|vigilance in public sector banks. |
|The word ‘Vigilance’ means ‘watchfulness’, ‘caution’ or ‘circumspection’. Vigilance aims at preventing frauds, punishing the wrong-doers |
|and protecting the innocent and honest staff members. Vigilance is an integral part of the management function. On the other hand, an |
|organisation is an association of people working together for achieving certain common objectives for the benefit of the community at |