The Central Vigilance Commission has reconstituted an advisory board with the inclusion of two new members to assist the CBI in probing cases related to bank, commercial and financial frauds. The new entrants are Mr Radha Vinod Raju, former IPS officer and the then Director General of National Investigation Agency (NIA), and Mr R. Ramachandran, former Chairman and Managing Director of Andhra Bank.

The members of the board are entitled to get an honorarium of Rs 30,000 per month in addition to travelling, halting and sitting fees. The CVC had in March announced formation of the six-member board.

Jurisdiction

The board will have a tenure of two years. It will form part of the organisational infrastructure of the CBI and the Reserve Bank of India, providing the required investigative and secretarial services.

“The Board's jurisdiction would be confined to those cases where, in disagreement or dispute with the bank, public sector undertakings or financial institutions, the CBI desires to register a regular case or preliminary investigation in respect of an allegation of a fraud,” an order said.

Reference terms

Besides, it may also advise on any other technical matter referred to it by the CBI or the CVC. The board, under the chairmanship of former Deputy Governor of the RBI, Ms Shyamala Gopinath, will be based in Mumbai but it can meet anywhere in the country at its convenience.

“Considering the limiting number of such disputes arising annually, the Commission does not, at the moment, find it appropriate to specify the levels above which reference could be made to the Board,” it said.

The CBI can refer any case to the Board where it has a difference of opinion with the organisation concerned, irrespective of the level of the officials involved in it.

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