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| As JK Bank bans smoking another irregularity comes to fore | | Unauthorized accommodation purchased, BMC lodges FIR | |
Early Times Report
Srinagar, May 6: The Jammu Kashmir Bank banned smoking at all its business units. The order was issued yesterday under Cigarettes and Other Tobacco Products Act (COPTA) 2003, which smoking is banned at all public places.
Significantly the order has been issued at a time when the bank is in news for all the bad reasons. The OTS issue has come to the fore and a property issue at Mumbai reflects how casually and lavishly the bank management spends public money.
The bank, according to highly placed sources acquired 80,000 square feet (Bandra Kurla Complex) at a prime location in Mumbai for its zonal office. The zonal office, sources said have only 25 staffers and such a huge accommodation for 25 people makes no sense. It is also violative of the RBI norms.
The irony is that 5000 square feet are unauthorized and the Mumbai Municipal Corporation has already issued a demolition notice and even lodged an FIR in Bandra Kurla Police Station against the bank for violating municipal rules.
The issue was discussed in the Board. The Board initially suggested purchase of 6 floors of the complex at Rs 62 Crore. The Board also considered purchase of the whole complex at Rs 106 Crore. But finally the building was purchased at Rs 162 Crores. The bank, sources said spent another 9 Crores on stamp duty. The total amount spent, therefore, went up to 171 Crores. This does not include around 2to 3 Crores spent on the interiors.
No official of the bank could be reached despite repeated efforts.
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