We acted in J&K bank on RBI concerns: CS

KT NEWS SERVICE. Dated: 6/13/2019 1:43:33 AM

SRINAGAR, June 12: Chief secretary B V R Subramanium today said the recent developments in J&K Bank were not directed against the bank but against the mis-goverance and corruption of certain elements in the bank.
"We acted on the directions of Reserve Bank of India that expressed concern over the mis-management. We did not 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 at a press conference here. 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 is 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.
Subramaniam 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.
Chief secretary said the raids by anti corruption bureau were on the basis of old complaints regarding illegal appointments in the bank
While responding to a question, chief secretary said it is up to the board of the bank to decide whether the institution should be brought under the ambit of RTI or not.
“There are some matters which do not need to be publicized. You cannot have information about customers’ bank accounts 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 that posts of chairman and MD 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 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.
Chief Secretary added that the bank will regain its glory within three months time. “Wait and watch for three months. It will become a corruption free bank,” he said.



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