It
has since been decided to put in place a new system of oversight of government
business:
(a)
In
addition to various branches and CPPCs, the scope of the inspection will now
also cover the Head Offices of agency banks.
(b)
No
reports will be issued at the end of the review/inspection. However, the
offices/branches will be advised of action points.
(c)
Comments
in respect of action points marked as “Major” may be submitted to the Regional
Offices of the Reserve Bank.
(d)
Regarding
other action points, necessary rectification may be ensured by the bank itself.
This may be examined and commented upon by internal audit.
As a part of the
new arrangements, it has been decided to introduce offsite monitoring of
government business.
It
has also been decided to have periodical interactions with senior executives dealing
with government business. The agenda for discussion would broadly depend on the
bank’s size and nature of government business being handled by it. The
discussions would, at a minimum, include the following:
(a) Developments since
last inspection;
(b) Sustenance of
compliance with the inspection report findings;
(c) Progress in case
of large frauds relating to government business;
(d) Position of complaints;
(e) Pension related
issues;
(f) Issues raised by
Government Departments such as delays and penalties;
(g)
Issues
raised by the Office of C&AG and other government agencies regarding the
conduct of government business by the agency bank; and
(h) Other related
issues.
Based on RBI circular dated 7/4/16. For
further details please refer www.rbi.org.in”....................
Poppy Sharma
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