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| JK Bank can't defy RBI for being Public Authority | | | Early Times Report
Jammu, May 14: Over two weeks back, State Information Commission (SIC) declared J&K Bank a Public Authority, the bank seems to be reluctant to take up the case in the court of law on the basis of the fact, there are huge chances that it will loose the case.
J&K Bank like other public and private sectors are governed by the Reserve Bank of India. (RBI), the principal bank of Government India, that itself has been declared a public authority and as such comes under the purview of the RTI Act. Under the RTI Act the, the premier Bank of the country is bound to provide among the following information: the powers and duties of its officers and employees; the procedure followed in the decision making process, including channels of supervision and accountability; Particulars of any arrangement that exists for consultation with, or representation by, the members of the public in relation to the formulation of its policy or implementation thereof.
The Indian Bankers Association (IBA) too is governed by the statute of RTI and is bound to provide relevant information. Earlier J&K Bank in the past has been reluctant to share information taking refuge of the one or the other pretext but now as it has been declared a Public Authority, it's bound to declare powers and duties of the officers. "This is something which the bank didn't like, as most of the alleged financial improprieties have been made by the officers and Board of directors by misuse of their position, an economic analyst said.
The defense argued by the Bank's counsel before State Information Commission (SIC), maintained that since 47 percent of its shares are held by public, it can't be declared a Public Authority.
However, the fact remains that there has been public equity of many public sector banks and they do come under RTI. J&K Bank can't take refuge of being autonomouos authority though with 53 percent public-exchequer money, and has to to stand by the scrutiny of the public in line with the guiding principals accepted and observed by RBI. |
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