People have welcomed move on J&K Bank: Govt

Srinagar: The Governor’s administration has made it clear that the board of directors of J&K Bank was its supreme decision-making body and remained unquestioned.

An official spokesman said while concerns had been raised in certain isolated quarters, people of the state by and large had hailed the decision of the State Administrative Council (SAC) to treat J&K Bank as a public sector unit (PSU).

“The concerns raised by certain isolated quarters mainly relate to the operational autonomy of the bank,” the spokesman said, adding  that SAC decision had three main elements — treating J&K Bank as a PSU, bringing bank under the ambit of the Right to Information Act (RTI) and holding the bank accountable to the Legislative Assembly.

The spokesperson made it clear that as far as treating J&K Bank as a PSU was concerned, it was just a matter of fact. “Since the state government holds 60 per cent of majority shares in J&K Bank, for all practical purposes, it is a PSU. Therefore, all transparency and accountability features that arise from this have to apply to the bank,” he said.

The spokesman said as far as following CVC guidelines were concerned, these were followed by all government-owned banks to bring about certain probity into the banking decisions.

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