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| Centre readies plans to take charge of Jammu & Kashmir Bank: Report | | | Agencies
NEW DELHI, Aug 6: The government is looking at options to strengthen the Jammu & Kashmir Bank as per reports .The state government holds 60 percent stake in Jammu & Kashmir Bank. Until recently, it had similar powers as the Reserve Bank of India (RBI) within Jammu and Kashmir.
Once Jammu & Kashmir becomes a Union Territory (UT), the state government's shares will be transferred to the Centre.
The government on August 5 proposed abrogation of Article 370, which accords special status to Jammu and Kashmir. It also proposed bifurcation, splitting Jammu and Kashmir and Ladakh in two UTs.
After the Centre takes charge of Jammu and Kashmir and the bank, it can appoint a CEO and the board of directors.
A merger is one of the options being evaluated by the government, the report said. "The option to merge is there, but why merge it immediately? The government will explore all options," the article quoted a source as saying.
Jammu & Kashmir Bank was recently found to be corrupt and financing terror. Pervez Ahmed Negroo was removed as the bank's Chairman after allegations of irregularities during his tenure.
The Anti-Corruption Bureau (ACB) last week also sent a notice to former J&K Chief Minister Mehbooba Mufti seeking clarification on her role in certain appointments. |
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