The Central Vigilance Commission, has sought powers to probe corruption charges against Chairman, Managing Directors, Executive Directors of public sector banks and insurance companies.CVC has asked the Finance Ministry to incorporate relevant provisions in the rules to allow it to conduct disciplinary inquiries against CMDs and EDs. The anti-corruption watchdog has also sought powers to initiate penal action against them, if they are found guilty of corruption, even after their retirement. At present, there is no rule to conduct investigation or disciplinary inquiry by the Commission against CMDs and EDs working in public sector banks, insurance companies and some financial institutions.Last month, Syndicate Bank CMD S K Jain was arrested by CBI for allegedly receiving a bribe of 50 lakh rupees to enhance credit limits of Bhushan Steel and Prakash Industries.