RBI for tightening vigil to check revenue leakage

New Delhi: Reserve Bank Deputy Governor K C Chakrabarty on Monday underlined the need to strengthen vigilance mechanisms, particularly in banks and financial institutions to plug revenue leakage.

"Considering the prevalent situation in which public institutions are not performing with optimal efficiency leading to leakage of revenue as well as financial losses, there is an immediate need to strengthen institutional control mechanisms, particularly in respect of banks, financial institutions and PSUs organisations," he said.

Inaugurating a seminar on vigilance administration organised by the Centre for Integrity Governance and Training in Vigilance Administration (CIGVA), he said, the pillars of vigilance such as greater transparency or improvement in the corporate governance, accountability and expediting inquiries and subsequent punishments are order of the day.

Addressing over fifty senior executives from banks, PSUs and autonomous bodies, he said the Chief Vigilance Officers have a very important role to play.

GIGVA holds training programmes in various aspects of integrity and vigilance so that the vigilance officers of banks and PSUs and other institutions were equipped with necessary technical skills.