RBI Governor stresses need for strengthening preventive vigilance framework

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday underlined the need for strengthening the preventive vigilance framework to increase efficiency stressing that it was also critical for ensuring good governance.

He was speaking at a panel discussion organised by the central bank as part of the 'Vigilance Awareness Week 2020'.

In his opening address, the governor "highlighted the critical role of vigilance in ensuring good governance standards in the financial sector and the need to strengthen preventive vigilance framework to increase efficiency", the RBI said in a statement.

As part of upholding the spirit of 'Vigilant India, Prosperous India', the RBI on Thursday organised panel discussions on two related topics

Strengthening Preventive Vigilance: A Tool for Good Governance, and Leveraging Technology for Vigilance Oversight.

Central Vigilance Commissioner Sanjay Kothari was the chief guest and Vigilance Commissioner Suresh N Patel was the guest of honour at the event.

In his address, Kothari emphasised on the improvement in systems for strengthening preventive vigilance and importance of training and capacity building at various stages of career of bank officials.

He also underlined the need for cross exposure of bank officials and investigative agencies, particularly during the training period.

The panel discussions focussed on macro issues in vigilance administration covering the financial sector, importance of better systems, procedures to enhance productivity levels, and the need to leverage advancements in technology.

The RBI is observing the Vigilance Awareness Week with the theme 'Vigilant India, Prosperous India' from October 27 to November 2. Various events are being organised at central office and regional office levels.