Jammu and Kashmir Governor Satya Pal Malik Turns J&K Bank Into PSU, Opposition Calls It Attack on Autonomy
Being a major shareholder, the government felt that the bank should have a character of a PSU which is subject to the general supervision and access for enhanced transparency in the transaction of its business to promote public trust.
Jammu, November 27: The Jammu and Kashmir Bank, the only state government promoted bank in the country, has been put in the public sector by Jammu and Kashmir Governor Satya Pal Malik. With the latest decision, the J&K Bank Ltd, established in 1938, has been brought under the purview of the Right to Information (RTI) act, the Chief Vigilance Commissioner (CVC) guidelines and the State Legislature, an official informed. According to a tweet by ANI, The opposition claimed that the institutions' autonomy has been killed.
The Jammu and Kashmir government currently holds 59.3 per cent of the shares. An official informed that as the state government is a major shareholder, it felt that the bank should have a character of a PSU which is subject to the general supervision and access for enhanced transparency in the transaction of its business to promote public trust. Jammu And Kashmir Assembly Dissolved, Governor Kills PDP-NC-Congress's Plan to Form Government.
The decision came into effect after the State Administrative Council (SAC) under the chairmanship of Governor Satya Pal Malik approved the proposal for treating the J&K Bank Limited as a Public Sector Undertaking (PSU) on Thursday. According to a report by PTI, the SAC approved said that the provisions of the Jammu and Kashmir Right to Information Act, 2009 shall be applicable to the bank like other PSUs, adding that, the bank shall follow CVC guidelines. Jammu And Kashmir Assembly Dissolution: What it Means For PDP, NC And BJP.
An official informed that the J&K Bank Ltd shall be accountable to the State Legislature like other state PSUs. Also, the Annual Report of the bank shall be placed before the State Legislature through the State Finance Department.
On Sunday, Union Minister Dr Jitendra Singh claimed that in the last four and half years, the government led by Prime Minister Narendra Modi has brought most of the public authorities under the purview of the RTI Act, which is in keeping with the commitment to ensure maximum transparency in the working of these institutions.
The Department of Personnel and Training(DOP&T), which is the nodal department for the Right to Information and Central Information Commission, has so far successfully covered nearly 2000 public authorities under the RTI Act, Singh had said.
(The above story first appeared on LatestLY on Nov 27, 2018 10:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).