The Central Vigilance Commission has reconstituted an advisory board with the inclusion of two new members, to assist the CBI in probing cases of bank, commercial and financial frauds.
The new entrants are Radha Vinod Raju, former IPS officer and ex-Director-General of the National Investigation Agency; and R. Ramachandran, former Chairman and Managing Director of Andhra Bank. Other members of the board include the retired IAS officer, Vivek Mehrotra; the former Executive Director of Corporation Bank, Asit Pal; and chartered accountant T.N. Manoharan.
The members are entitled to an honorarium of Rs. 30,000 a month in addition to travelling and sitting fees.
The CVC announced the formation of the six-member board in March. “It has later been observed that two of the members, Balwinder Singh, IPS (retd), and A.S. Bhattacharya, ex-CMD, Bank of Maharashtra, were not fulfilling the terms and conditions of appointment,” a CVC statement said.
The board will have a tenure of two years. It would form part of the organisational infrastructure of the CBI and the Reserve Bank of India, providing investigative and secretarial services.
“The board's jurisdiction would be confined to those cases where, in disagreement or dispute with banks, public sector undertakings or financial institutions, the CBI desires to register a Regular Case or Preliminary Investigation in respect of an allegation of fraud,” an order said.
Besides, it may advise the CBI or the CVC on any technical matter referred to it.
The board, under the chairmanship of the former RBI Deputy Governor, Shyamala Gopinath, will be based in Mumbai but it can meet anywhere in the country at its convenience.
The CBI can refer any case to the board where it has a difference of opinion with the organisation concerned, irrespective of the level of officials involved in it.