Banking and monetary regulator Reserve Bank of India has sent a team of eight people to scrutinise and inspect the operations of public sector lender Corporation Bank. The bank has been reported to be delaying loan sanctions as well as appointments since quite some time.

The bank has already been inspected by Central Vigilance Commission (CVC).

"Normally, the RBI inspection is in August and the team is headed by a deputy general manager. This time the inspection has been advanced and the inspection team is headed by a general manager," said sources.

The RBI has already started with operation of checking the loan accounts of the bank as well as the tender which was issued for the appointment of an IT consultant for the bank.

"As per norms, the consultant for preparing the tender documents is not eligible to bid for the project. However, in this case the consultancy not only laid the ground for the bids but also participated in the tender," an official said.