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PNB fraud: CVC clarifies on vigilance award to Punjab National Bank

Punjab National Bank (PNB) was last year given the award for timely completion of disciplinary proceedings.

Reported by: PTI, New Delhi [ Published on: February 20, 2018 21:18 IST ]
PNB fraud: CVC clarifies on vigilance award to Punjab
PNB fraud: CVC clarifies on vigilance award to Punjab National Bank

The Central Vigilance Commission (CVC) today said that the vigilance award to PNB, which is hit by a Rs 11,400 crore alleged fraud by diamantaire Nirav Modi, should be seen in the context in which it was given.

Punjab National Bank (PNB) was last year given the award for timely completion of disciplinary proceedings.

There were four eligible entries for the award, the CVC said in a statement issued this evening.

"Of them, Chief Vigilance Officer (CVO) PNB had the best disposal of 92 per cent (187 out of 203) cases. The next best was 56 per cent ( 58 out of 103) cases. Hence, an award was given to CVO, Punjab National Bank, in 2017.

"The award was for 'Outstanding Contribution' in the category of 'Timely Completion of Disciplinary Proceedings' for 2016," it said.

The CVC said that the receipt of an award by any person or organisation has to be seen in the context in which it was given.

"The Commission has not vetted or validated awards being given by other organisations and professional associations," the statement said.

The vigilance excellence awards of the Central Vigilance Commission are given in three categories which are for the CVOs/vigilance functionaries of central public sector enterprises, public sector banks and public sector insurance companies; ministries, departments, others; and for management.

The awards are further divided into specific categories corresponding to aspects of vigilance working.

The CVC had yesterday questioned senior officers of the PNB in connection with the alleged fraud.

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