Why in news
- Central Vigilance Commission (CVC) has recently revised the monetary threshold for public sector banks to report frauds to different departments of the CBI for a probe. Frauds of minimum Rs 3 crore and to Rs 25 crore, up from Rs 15 crore, have to be reported to either the CBI’s Anti-Corruption Branch (in case staff involvement is prima facie evident) or to the Economic Offences Wing (if employees involvement is prima facie not evident) respectively.
- Earlier, CVC was also given approval by RBI to probe allegations of corruption against private sector banks and their employees.
- Central Vigilance Commission (CVC) is an apex Indian governmental body created in 1964 to address governmental corruption. In 2003, the Parliament enacted a law conferring statutory status on the CVC.
- Commission consists of a Central Vigilance Commissioner – Chairperson, and not more than two Vigilance Commissioners – Members.
- It has powers to exercise superintendence over functioning of the Delhi Special Police Establishment(CBI), and also to review the progress of the investigations pertaining to alleged offences under the Prevention of Corruption Act, 1988 conducted by them.
- The Central Vigilance Commissioner and the Vigilance Commissioners shall be appointed by the President on recommendation of a Committee consisting of the Prime Minister (Chairperson), the Minister of Home Affairs (Member) and the Leader of the Opposition in the House of the People (Member).
- The Central Vigilance Commissioner or any Vigilance Commissioner can be removed from his office only by order of the President on the ground of proved misbehaviour or incapacity after the Supreme Court, on a reference made to it by the President, has, on inquiry, reported that the Central Vigilance Commissioner or any Vigilance Commissioner, as the case may be, ought to be removed.
Central bureau of investigation (CBI)
- The Central Bureau of Investigation (CBI) is the premier investigating agency of India. Operating under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions, the CBI is headed by the Cabinet Minister who reports directly to the Prime Minister. The agency has been known to investigate several economic crimes, special crimes, cases of corruption and other high-profile cases.
- The lokpal and lokayukya act constituted the selection committee for appointing the director of the CBI. The committee consists Prime minister as the chairperson, Leader of Opposition as member and Chief Justice of India or a Supreme Court Judge recommended by the Chief Justice as another member.