Speaking to reporters here, the Gurdaspur MP also said that he will lead a party delegation to meet the prime minister and finance minister after April 22 on the matter.
Citing a recent CAG report, Bajwa claimed that Rs 1,620 had allegedly gone missing as the state government did not have any account for them.
"The receipt of Rs 1620 crore grant was not available. The amount has gone missing. A CBI probe is required. After resumption of Parliament session from April 22, we will call upon PM Manmohan Singh and FM P Chidambram to demand a CBI probe," Bajwa said on his maiden visit to the city.
In reply to a query, Bajwa said he personally was in favour of Congress' alliance with all secular forces in Punjab to counter the fundamental and communal elements.
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He, however, added: "But it was not in my hand. I will give suggestion about it to party high command".
On being asked if he favoured Congress' alliance with Punjab People's Party, Bajwa said he would have if PPP President Manpreet Badal was "secular".
Demanding rationalisation of security to state leaders, Bajwa offered to surrender his security if CM Parkash Singh Badal scaled down his security from 600 personnels to 11 personnel and Deputy CM Sukhbir Badal reduced it from 400 to 6.