Social responsibility: J&K Bank spends Rs 50 crore on ‘elite’ RSGC

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Srinagar:J&K Chief Secretary B V R Subrahmanyam pointed out that RBI had written to the J&K government about the governance issues in the bank from last year, leading to the removal of the Ahmad. Besides, wrongdoings include spending a huge tranche of Rs 50 crore for “elite” sports under Corporate Social Responsibility on Royal Springs Golf Course removal where nearly 1000 people play golf.

According to him, the raids carried out by Anti Corruption Bureau (ACB) in the bank were meant for illegal appointments in the bank. The anti-graft body is investigating into the fraudulent appointments of banking assistants and associates in the bank since 2014 following a complaint. Soon after the removal of Ahmed, the ACB teams descended at the bank carrying out searches at the Bank’s Srinagar headquarters.

Subrahmanyam added, “the bank (JK Bank) will be protected and will be run by JK people.”

“It (JK bank) should get branches all over the world,” he said.

Established in 1938, the J&K Bank Ltd is the only listed company in the state, with the Jammu and Kashmir government currently holding 59.3 percent of the shares.

Meanwhile, the Jammu and Kashmir Bank would be brought under the purview of the Right to Information (RTI) act and the Chief Vigilance Commissioner (CVC) guidelines, he added.

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