Bankers plan to seek safeguards against undue vigilance action

Bankers will seek a more strong framework for protecting them from any undue vigilance action in bona fide commercial decisions at a stakeholder conference on November 17-18 organized by the government to address issues relating to credit flow into various sectors of the economy.

Industry chambers and financial institutions, including non-banking financial companies (NBFCs), have been invited to the conference.

A senior bank executive told ET that a representation had been made to the finance ministry on this count. Besides the finance ministry, senior officials from other ministries will also be a part of this stakeholder conference and provide insights to projects in the pipeline in their respective sectors. Finance minister Nirmala Sitharaman will meet bankers, including from the private sector, financial organizations and other stakeholders at the meeting.

“We want bankers to be protected under Section 197 of The Code of Criminal Procedure (CrPC) and bring them on a par with other government officials,” the bank executive said”.