JK Bank will have separate Chairman and MD to have ‘checks and balances: Govt 

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By CNS on 12/06/2019.

JK Bank will have separate Chairman and MD to have ‘checks and balances: Govt 

Neyaz Elahi 

Srinagar, June 12: Jammu Kashmir Governor administration Wednesday said that it acted against Jammu Kashmir Bank on the directions of Reserve Bank of India that expressed concern over the prevailing ‘mismanagement’.
“We didn’t act against JK Bank. RBI shot us a letter showing concern about the bank. We have zero tolerance on corruption,” Governor Satya Pal Malik said who was seconded by Chief Secretary B V R Subramanium.
While addressing a press conference here in Kashmir capital Srinagar, Chief Secretary questioned the functioning of the bank stating that it is not an employment agency.
“How can you (JK Bank) employ people under Corporate Social Responsibility (CSR). It’s not the job of the bank to provide jobs but its job is to take care of money that belongs to public,” he said adding that JK Bank moved away from fundamental objectives.
Subramaniyam according to news agency CNS said that it is unfortunate that JK Bank spent Rs 50 crores under CSR on Golf Course. “How can it do that? Only elite play golf. Go and ask people of Downtown, do they play golf?” he questioned.
While responding to a question, Chief Secretary said that it is up to the Boar of the Bank to decide whether the institution should be brought under the ambit of RTI or not. “There are some matters which don’t need to be publicized. You can’t have information about my personal bank account and similarly there are matters that need to be kept secret. Still, the new Chairman will take a call on it,” he said.
The Chief Secretary announced Chairman and MD posts of the bank will be separated to have check and balances.  “In every department there are checks and balances and same will be in case of JK Bank,” he said.
While hailing the contribution of the bank, the Chief Secretary said that JK Bank is an asset and a crown of the state of Jammu and Kashmir which will be protected at any cost. “It should become an international bank and its branches should get opened up in Dubai, London, France and other parts of the world,” he said.
He added that the bank will regain its glory within 3 months time. “Wait and watch for 3 months. It will become a corruption free bank,” he said.