PSBs heads no longer be personally responsible in fraud probes: Fin Min

According to the finance ministry’s latest announcement, chiefs of public sector banks will no more be personally accountable for compliance with several timelines that have been laid down for large value frauds.
“The government has now modified its 2015 framework on large value frauds doing away with the personal responsibility of the managing directors and chief executive officers of public sector banks (PSBs) for compliance with various prescribed timelines,” the ministry said.
Department of Financial Services (DFS) has delegated the powers to the boards of PSBs in order to implement a mechanism successfully for ensuring compliance of the various timelines laid down the RBI and CVC, the ministry further said.