PRIVATE BANKS MAY COME UNDER CVC

NEW DELHI: The central vigilance commission (CVC) will monitor graft-related cases in private sector banks as well, a move that comes amid reports that officials of several such financial institutions were allegedly involved in money laundering after the demonetisation exercise.

The CVC is the statutory body that investigates cases of graft under the Prevention of Corruption Act, 1988, but is authorised to probe cases involving central government departments, public sector companies and their workforce.

But a notification, which is expected in couple of months, will enable the anti-corruption watchdog to check graft in private banks. Also, the decision complements a Supreme Court judgment in which it expanded the scope of the anti-corruption law by bringing private bank employees within the act’s ambit. The change was made while overturning a lower court verdict that charges under the anti-corruption act couldn’t be framed against two top officials of the Global Trust Bank in a `41-crore corruption case. HTC