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CVC directive to banks on transfer of employees

The Central Vigilance Commission has directed public sector banks to transfer senior bank officers, who have held positions at a particular branch of officer for more than 3 years and clerical staff who have held positions for 5 years in the same branch. The commission, which oversees work with regard to prevention of corruption and mala fide activities in government institutions and banks, had issued a guidance note to all PSU banks. This follows allegations that employees of Punjab National Bank, who were involved in the Nirav Modi scam were allowed to remain in the same branch for more than 7 years in a stretch. Meanwhile, reports quoting a bank employees’ union suggested that the bank has already effected transfers of more than 18,000 employees following the directive of the commission.

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