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| Nepotism, favouritism in J&K Bank | | | Early Times Report
Srinagar, June 9: New Delhi based media outlets on Sunday reported that ousted J&K Bank Chairman had meteoric rise from a CA to chairman within a span of 15 years and has a "dubious credentials and shady reputation"
The J&K Bank was also directed to separate the positions of chairman and managing director for better governance and ensure high levels of financial probity, media outlets quoting officials reported.
Among the nine Board of Directors in the J&K Bank, two are from the Kashmir Valley -- the chairman himself and businessman Ashraf Mir.
It has been alleged that Ahmed got his nephew, Muzaffar, posted into his office immediately after taking over as chairman.
His daughter-in-law, Shazia Ambreen, was also allegedly appointed as a Probationary Officer and is currently heading the Hazratbal branch, the official said. Two branches of J&K Bank, Kaprin in Shopian and Wuyan in Pulwama, operate allegedly from his own premises and those of his in-laws, the official said.
Two of his relatives, Asif Beg and M. Fahim, both nephew, allegedly control the HR and Board affairs including the credit proposals.
Recently the J&K Bank signed an insurance deal with IFFCO Tokio General Insurance Company where the chairman's sister's son reportedly works, according to the official.
Interiors of hundreds of the branches were allegedly allotted to select individuals for Rs. 50 lakh to Rs. 1.5 crore per branch while actual cost is only 30 per cent of the money paid, it is alleged.
It was also alleged that a 12th grade pass brother of a former minister and a relative of a top politician was appointed directly as manager allegedly through back door and posted in J&K Bank's Bhaderwah branch.
Loans worth hundreds of crores were allegedly allotted without formalities in "brazen violation" of Standard Operating Procedures or guidelines to select recommendees of two politicians.
Overdrafts of hefty amounts were allegedly released to habitual defaulters of other banks. Many of such accounts turned Non-Performing Assets.
One-time settlements were done with select defaulters against alleged huge kickbacks. It was alleged that Rs. 8 crore has been spent as corporate social responsibility (CSR) on beautification of a golf course.
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