Banks mull action against accused | india | Hindustan Times
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Banks mull action against accused

The day after bribery scam surfaced, banks and financial institutions started contemplating actions against the tainted employees

india Updated: Nov 25, 2010 22:39 IST
HT Correspondent

The day after bribery scam surfaced, banks and financial institutions started contemplating actions against the tainted employees.

"The action will be taken against the official involved in the bribery case after we receive details from CBI," said N Seshadri, executive director, Bank of India. "We have internal policy to deal with such kind of misconduct and we will follow it."

According to the sources, Life Insurance Corporation of India (LIC) is planning to form an internal team to investigate into the charges.

Central Bank of India said the official involved in the case is not an employee of the bank and is appointed by the government. "This is a case of individual misconduct and has no impact on our asset quality," a senior official said.

"This is an isolated case of bribery which has no impact on the bank because the executive implicated had limited powers to sanction loans," said a senior official of Punjab National Bank.