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India mandates banks to promptly report vigilance issues involving directors, following delays in disclosures and a promotion reversal.
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.
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.
Institutions must now submit comprehensive, up-to-date disclosures and ensure vigilance documents contain no material omissions.
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.
La India obliga a los bancos a informar con prontitud sobre los problemas de vigilancia que involucran a los directores, tras los retrasos en las divulgaciones y la reversión de un ascenso.