The Life Insurance Corporation of India (LIC) in January 2019 acquired a 51 percent stake in the Bank, which reclassified it as a private sector financial institution
The announcement may come as a relief to bureaucrats, some of whom complain of a rise in motivated allegations of corruption against them ahead of a proposed promotion, empanelling or posting.
The job of the government must be to ensure safety of honest employees and they should be encouraged, Prime Minister Narendra Modi said today.
CVC sources said today the anti-corruption watchdog is also looking into the role of central and state government officials who might have facilitated the alleged evasion.
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