Bankers Do not need not fear CBI, CAG and CVC: Finance minister- Nirmala Sitharaman

The fear of these three C’sc which is Central Bureau of Investigation (CBI), Central Vigilance Commission, (CVC) and the Comptroller and Audit general (CAG) is big on bankers and due to this, the Finance Minister, Nirmala Sitharaman told that there won’t be any harassment by the investigating agencies and thus, bankers should not fear them.

In her words- “There was a concern that genuine bonafide decisions are not being made because of the worry of undue harassment. In the presence of CBI director today (we) had a meaningful conversation with banks. The misgivings have been explained to banks, adding that this will eventually expedite decision making process for banks towards lending. “No case whatsoever goes to CBI without banks themselves deciding to do so. There is no suo moto case that the CBI takes against the banks,”

On this whole scenario, Prime minister Narendra Modi said that he and his whole team of government has already corrected the weaknesses of the economy. He has also asked the industrialists to invest with mind.

He said- “I want to assure the banking and corporate world that we have been able to overcome weaknesses in the system to a large extent. And so they should now take decisions fearlessly, invest boldly and spend undauntedly,”

On this, Sitharaman said- “While pursuing criminal action against those responsible, the agency shall be sensitive to the distinction between genuine commercial failures and culpability. It was also noted that there is need for preserving the value of the business enterprise by treating it on a separate footing from culpability of individuals, if any,”

“Banks were also advised to ensure rigor and adherence to objective standards in selection of forensic auditors and devising objective SOPs for carrying out of forensic audit,” She added.

She also has given strict instructions to the bank in order to form the committees.