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| Chairman JK Bank directs inquiry into impropriety by branch managers | | Illegal transfer of Sports Council funds | | Abodh Sharma
Jammu, May 1: Taking cognizance of ET report with regards to illegal transfer of funds by the Secretary Sports Council in two branches of the Jammu and Kashmir bank prima facie in connivance with their branch managers so as to help them achieve their deposit targets, Chairman and CEO of the Jammu and Kashmir Bank, Mushtaq Ahmad has directed the Supervision and Control department of the bank to inquire into the impropriety pointed out in the ET report and submit a report to him.
"I have seen your story and have directed the concerned department of the bank to inquire into the issues raised by you" the CEO said when contacted. "This is impropriety with regards to laid systems and we disapprove such moves" he added.
Secretary Sports Council Kiran Wattal had withdrawn Rs. 4 cr. from account no. 4869, the official account of the Council in Chand Nagar branch of the Jammu and Kashmir bank flouting norms laid for such transactions and deposited 2 cr. each in the Town Hall and the Tutan di Khui branches of the JK Bank as fixed deposits, on two different dates. While the first transaction was made to the Town Hall branch on September 29, 2011 the second one was made to Tutan di Khui branch on March 27 2012. Interestingly, both these transactions were made days before the quarterly financial closings of the Bank.
Confirmation by the staff of the accounts department of the State Sports Council that the FDs in new branches were made at lower rate of interest than one offered by the Chand Nagar branch hints that the branch manager of the Town hall branch Randhir Singh Chib and branch manager Tutan di Khui Pritam Singh had resorted to inappropriate trade practices for securing these deposits.
It is pertinent to mention here that a strong public resentment is already brewing against the Jammu and Kashmir bank especially in Jammu for alleged favouritism and nepotism in recruitment of 1600 banking associates recently, over 1200 of which were recruited from Kashmir and just over 300 from Jammu region. Panthers MLA Harshdev Singh had recently castigated coalition Government over lack of transparency in the JK Bank and alleged that the Ministers of the coalition Government had used the bank for back door appointments of their blue eyed. |
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