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| J&K Bank no more a holy cow | | | Early Times Report
JAMMU, Apr 28: J&K Bank, hitherto considered a holy cow, and a financial instrument of Government in furthering its interested (vested), has lost its title after being declared Public Authority by the State Information Commission in a landmark judgment.
The judgment couldn't have come at a better time. In the just concluded Budget session of the Assembly, PDP president Mehbooba Mufti had leveled serious allegations about the working of the bank. She had even alleged that an individual appointed Director by the Chief Minister himself had used banks money to further his financial interests by purchasing a property in the name of the bank much above the market value.
In fact in an anonymous letter written to the RBI Government by the J&K Bank officers they have also leveled allegations about the working of the bank which it was alleged was maneuvered to for the benefit of the few and even a name of the former Chairman was mentioned in the letter.
However, no one could get the exact information as the Government had barred public for filing RTI to get the exact details.
The functioning of the bank was coming under radar off late, Member of the Jammu based parties had alleged that bulk of the candidates from Kashmir, and those having right connections, were appointed while eligible and able candidates from the Jammu region were denied the job.
Questions were raised about the defaulters who had digested the bank's money without any action being taken against them.
But the Government had then came to the rescue of the Bank saying as per the precedent the functioning of the Bank can't be discussed in the Assembly, clearing implying that it's beyong the scope of public scrutiny.
The Government's stand was in contervention with the rules of Indian Bankers Association which had mandated that all public sector banks do come under RTI rule and are bound to provide details about the organisation and its functioning.
The State has 53 percent stake in the Bank, clearing implying that it's the ex-chequer's money that is funding the majority financial working of the bank. From this fact it was quite clear that public had the right to know how its money was used, the working of the bank and how the money is secured by the officers of the Bank.
The SIC judgment had kept all these concerns in mind by pronouncing the judgment. It would bring much needed transparency in the functioning, which becoming increasing lopsided to further the interests of the few influential people and was also weighed more towards one region at the expense of the Jammu region.
The judgment could also pave the way for transparent appointment of chairman and could open scope for candidates from Jammu region which till now has been denied this opportunity, though the Bank was founded by late Maharaja Hari Singh.
The SIC judgment would now bar the bank from extending loans to few selected one while ignoring the genuine claims. It was some thing which Government should have corrected but choose to ignore and let this opportunity pass to SIC, which did what was expected of it. |
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