Why in news?
Finance Minister Nirmala Sitharaman on 23rd May 2020 said banks had been asked to extend loans automatically to eligible borrowers without ‘fear of 3Cs — CBI, CVC and CAG’.
- Clear instructions had been given in a meeting with CEOs and MDs of public sector banks and financial institutions on 22nd May that the banks should not be scared to extend loans as 100% guarantee is being given by the government.
- It is being said that the genuine bonafide decisions in the banking sector are being impacted because of the worry of undue harassment by 3Cs — Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC) and Comptroller and Audit General (CAG).
- The Finance Ministry has taken several steps to allay those fears including withdrawing some of the notifications which were causing fear among bankers.