Dr. TM Bhasin re-appoints as Chairman of Advisory Board for Banking and Financial Frauds
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New Delhi: The Central Vigilance Commission (CVC) on Thursday released an official order mentioning the subject regarding constitution of the Advisory Board for Banking and Financial Frauds.
The office order Mentioned, "On the completion of the term of the Advisory Board for Banking and Financial Frauds (ABBFF) on 20.08.2021, the Commission in consultation with Reserve Bank of India, hereby, reconstitutes the Board as follow:
(i) Dr. TM Bhasin, Ex.-CMD, Indian Bank, Ex-Vigilance Commissioner, CVC - Chairman
(ii) Shri Madhusudan Prasad, IAS(Retd.), former Secretary, M/o UD - Member
(iii) Shri DK Pathak, IPS (Retd.), former Director General, Security Force - Member
(iv) Shri David Rasquinha, Ex. MD, EXIM Bank- Member
Accordingly, the tenure of the Chairman / Member would be for a period of two years from 21/08/2021. His appointment as Chairman /Member of the Board would be considered from the date succeeding the day on which he demits the office/post which he is holding, other than the Chairman / Member of the Board).
The "Advisory Board for Banking and Financial Frauds" shall examine the role of officials/Whole Time Directors in Public Sector Banks and Public Financial institutions in case of frauds amounting to more than Rs. 50 Crores (Rupees Fifty Crores).
CBI may also refer any case/matter to the Board where it has any issue/ difficulty or in technical matters with the PSB and PFI concerned. The Board may also periodically carry out frauds analysis in the financial system and give inputs, if any, for policy formulation related to the frauds, to RBI and the Commission.
Apart from the above, the Board may also advise matter referred to it by the CVC or RBI. any other technical. The Board will ordinarily, within a month of receipt of the initial reference, tender its advice as may be requisitioned by the Ministry/ Department/ CVC or the Investigating Agency (including the Delhi Special Police Establishment). The Board shall keep the Commission and RBI informed about its performance and activities on a quarterly basis.
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