The Central Vigilance Commission has appointed A.D.M. Chavali, retired Executive Director of the Indian Overseas Bank, as a member in the Advisory Board for Banking & Financial Frauds. The tenure of Chavali would be up to August 20, 2021. The board is headed by T.M. Bhasin, former Vigilance Commissioner and former Chairman-cum-Managing Director of the Indian Bank.
The board, which was constituted last year and renamed earlier this month, is empowered to conduct the first level of examination of the allegations against officials in the rank of general managers and above in public sector banks and other financial institutions, in fraud cases involving more than ₹50 crore.
Its other members of the board are former Urban Development Secretary Madhusudan Prasad, former Director General of the Border Security Force D. K. Pathak and former Managing Director and Chief Executive Officer of Andhra Bank Suresh N. Patel.