J & K Bank (Jammu & Kashmir Bank) has been brought under the ambit of the Right to Information Act (RTI) Act, Chief Vigilance Commissioner (CVC) and the Legislature of the State in Jammu and Kashmir. The official said on Friday that on Thursday evening under the chairmanship of Governor of Jammu and Kashmir, Satyapal Malik and State Administrative Council (SAC), in which the proposal to recognize ‘J & K Bank’ as Public Sector Undertakings (PSU) has been passed. The SAC approved the proposal that the Jammu and Kashmir Right to Information Act, 2009 will now be applied to the Jammu and Kashmir Bank, just like the other banks under the PSU. He told that besides this, the bank will now have to accept the guidelines of the CVC.
He said that like the other PSUs of the state, ‘J & K Bank’ will also be accountable to the state assembly. The bank’s annual report will be presented in the assembly by the State Finance Department.
However, Former Chief Minister Mehbooba Mufti demanded to cancel the decision of the Governor to include Jammu and Kashmir Bank in the category of PSUs. She said that the involvement of the Jammu and Kashmir Bank in the category of PSU is a part of the conspiracy to end the state’s special status.
The state administration has clarified that there is no intention of interfering in the banking system. The Board of Director of the Bank is the best and it is his autonomous. RBI will work to regulate RBI as before. The purpose of the decision of the State Administrative Council is to bring better governance and transparency in the functioning of the bank. Applying the Jammu and Kashmir Bank to RTI and implementing the guidelines of the CVC is just to bring transparency.
The bank will be accountable to the state assembly and its annual report will be present in the state assembly itself. The right transparency in the bank will come from the RTI Act. All administrative and recruitment rules are related to it. Union Minister of State, Dr. Jitendra Singh said that some families living in the state’s power have been misusing their bank to understand their estate. The governor’s decision is in line with the Center’s decision to increase transparency in financial institutions.