New Delhi, Dec. 29 -- The finance ministry has directed public sector banks and financial institutions, including insurance companies, to promptly report vigilance related matters concerning whole-time directors (WTDs) of their respective organisations.

Directive by Department of Financial Services

The directive comes from the Department of Financial Services (DFS), following instances where adverse information about board-level appointees was not reported in a timely manner, reported PTI.

According to the DFS, critical adverse inputs, such as private complaints, court observations, references, or intelligence from the CBI or other law enforcement agencies, are often disclosed only when Vigilance Clearance is specifically sought from C...