PUNJAB & SIND BANK OBSERVES VIGILANCE AWARENESS WEEK

Punjab & Sind Bank organized Conference at PHD Chamber House, August Kranti Marg, New Delhi, under the aegis of Head OfficeVigilance Department, as part of Vigilance Awareness Week being observed at all the branches of the Bank around the country. The Conference was addressed by Shri J.M.Garg, Vigilance Commissioner, Central Vigilance Commission besides Shri D.P.Singh, IAS, Chairman & Managing Director of the bank.

In his key note address, Shri J.M.Garg, Vigilance Commissioner, Central Vigilance Commission exhorted the senior functionaries of the bank to continue working with utmost sincerity, honesty and perform their duties in a most transparent manner. He emphasized that the Banks should be cautious while taking over loans from other Banks/ FIs, should avoid deviation from the Bank’s own guidelines like reduction in pricing etc. Banks should focus on core Banking operations and avoid selling third party products to the borrowers as a compulsion.  He expressed concern about the frequent frauds in the Bank and cautioned against the exposure to one Unit / Groupshould be avoided in view of spurt in corporate frauds in the Banking Industry.

In his remarks, Shri D.P.Singh, CMD of the bank observed that due compliance of the principles of preventive vigilance are ofparamount importance as they assure due protection to the field functionaries, if they  perform their duties without fear or favor and fully apply their mind while taking credit decisions in the working of the bank.  He also emphasized the importance of taking timely decisions as “Delay Breeds Corruption”.

Welcoming the Chief Guest, Shri M.G.Srivastva, General Manager & Chief Vigilance Officer of the bank highlighted various initiatives taken by Vigilance Department to strengthen vigilance machinery in the Bank viz bringing out updated Vigilance Manual,ensuring expeditious disposal of Disciplinary Action Cases, and ensuring compliance culture in the Bank.

For this purpose, a special drive, “Mission Compliance” has been initiated by the Vigilance Department. The Flying Squad formed for this purpose has been able to detect revenue leakage to the tune of Rs. 11 crore within one month.  He also emphasized the strict compliance of bank’s well defined systems & procedures. He also dwelt upon the theme of this year “Promoting Good Governance – Positive Contribution of Vigilance”  

In the end, Shri G.S.Sethi, Field General Manager thanked the Chief Guest Shri J.M.Garg, Vigilance Commissioner, Central Vigilance Commission and the CMD of the bank for their valuable advice and highly inspiring and thought provoking views in the course of their address on this august occasion.