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flag India mandates banks to promptly report vigilance issues involving directors, following delays in disclosures and a promotion reversal.

flag India’s Finance Ministry has ordered public sector banks and financial institutions to immediately report any vigilance concerns involving whole-time directors, including past issues unrelated to their current roles. flag The directive, issued by the Department of Financial Services, follows repeated delays in disclosing court rulings, CBI inputs, complaints, and audit findings, often only when seeking clearance. flag Institutions must now submit comprehensive, up-to-date disclosures and ensure vigilance documents contain no material omissions. flag The move follows the reversal of Union Bank of India’s Pankaj Dwivedi’s promotion due to inadequate vigilance clearance, highlighting the need for timely and transparent reporting.

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