28.8 C
Wednesday, July 8, 2020

J&K Bank to now come under RTI act, CVC guidelines

- Advertisement -

For all branches of J&K Bank, it is business as usualThe board of directors of Jammu & Kashmir Bank on Saturday decided to bring the bank under the J&K RTI Act, 2009 and the CVC guidelines with effect from Monday.

The board, which met here under the chairmanship of the bank’s interim Chairman and Managing Director R.S. Chhibber, took significant decisions to improve the governance and bring transparency in the functioning of the bank, sources said.

“The board decided to implement J&K RTI Act 2009 and the CVC guidelines from June 17, 2009. The board took these important decisions after receiving directions from the state government that owns 59 per cent of the bank’s shares,” a source said.

The bank’s board also decided to arrest any further slippage of accounts to NPA by initiating strong action against wilful defaulters.

“In order to boost the digital vision of the bank, the board directed strengthening of the technological framework that includes migration of its core banking solution to Finacle 10 and further strengthening the early warning and alert generation systems.

“The board assured all the stakeholders that the bank is fundamentally strong and in safe zone as all measures are afoot to institutionalise transparency and strengthen accountability frameworks structurally by reinforcing proper checks and balances within the system,” the source said.

Sources said that the board was optimistic that the bank will achieve all the envisaged business targets in time and would do better on all performance indicators going forward.

One of the major stumbling blocks in the transparency and accountability of state’s premier financial institution till now had been its exclusion from the ambit of the RTI Act and non-implementation of CVC guidelines.


Follow Us For Latest Updates -

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Related News


Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

India-China disengagement at Hot Springs, Gogra in next few days

New Delhi July 8 (ANI): The disengagement process between armies of India and China at friction points Hot Springs and Gogra began on Monday...

Trending Right Now

Complete disengagement along LAC necessary: India, China agree

(IANS) In what is being perceived to be a thaw in the India-China face off in Eastern Lasakhs Galwan Valley , the Special Representatives...