RBI introduces Protected Disclosures Scheme for pvt, foreign banks

Mumbai, Apr 18 (UNI) The Reserve Bank of India (RBI) today introduced Protected Disclosures Scheme for private and foreign banks operating in India.

As per the scheme, the Central Vigilance Commission (CVC) will be entitled to receive written complaints on any allegation of corruption or misuse of office by employees of the banks and will recommend appropriate action, a RBI release said here.

The scheme is applicable to all private sector and foreign banks operating in India and has been implemented ''to strengthen the financial stability and with a view to enhancing public confidence in the financial sector,'' the release added.

Public sector banks and the RBI have already been brought under the purview of the Government of India scheme.

UNI