Central Vigilance Commissioner asks PSU general insurance firms, banks to avoid frauds

MUMBAI: Central Vigilance Commissioner (CVC) Pradeep Kumar has asked state-run general insurance firms and banks to strengthen systems and procedures to avoid frauds.

"The CVC held a review meeting in New Delhi yesterday as part of an annual review of vigilance-related cases," a top official of a state-run firm, who attended the meeting, told PTI today.

Kumar asked the government-run general insurance firms and banks to strengthen systems and procedures to avoid frauds. He also suggested many ways that are needed to strengthen vigilance machinery systems and procedures, the official said.

During the meeting, the CVC took stock of vigilance operation of each of the state-owned firm. Moreover, he highlighted the importance of vigilance in general management. JM Garg, a member of the CVC, was also present at the meeting.

Heads of four PSU general insurance companies - New India Assurance, United India Insurance, Oriental Insurance and National Insurance - attended the conclave. Heads of state-owned banks having their corporate offices in North Zone like Punjab National Bank, Oriental Bank of Commerce and Punjab and Sindh Bank were also in attendance, it is learnt.

Representative of Jaipur-headquartered State Bank of Bikaner and Jaipur (SBBJ) was also supposed to attend the review but could not make it due to a board meet.

"As we couldn't make it to the meeting on Thursday, the CVC has asked us to attend the next round the date for which was yet to be decided," SBBJ Chief Vigilance Officer Nirmal Joshi told PTI.