The Board of Directors of J&K Bank Saturday took some important decisions towards improving governance and bringing more transparency in the functioning of the Bank.
Meeting for the first time under the chairmanship of its interim Chairman and Managing Director, Rajesh Kumar Chhibber, the Board decided that the bank shall implement J&K RTI Act, 2009 and CVC guidelines from 17 June 2019, the Bank in a statement said.
Besides other directors on Board of the Bank, the meeting was attended by Promoter Director Dr. Arun Kumar Mehta (IAS), the Financial Commissioner of J&K State.
Notably, the Board of Directors after receiving directions from the Government of J&K had in its meeting held on 26 March 2019 decided to implement the RTI and CVC guidelines from June this year.
While passing directions to “arrest any further slippages of accounts to NPA”, the Board also decided that strict action shall be initiated against all the wilful defaulters.
The Board stressed for a strong monitoring mechanism for ensuring timely implementation of Board decisions.
For boosting the digital vision of the bank, the Board called for strengthening of technology framework including the migration of its Core Banking Solution to Finacle 10, besides strengthening its early warning and alert generation systems.
Expressing total confidence in the Bank’s management and the staff, the Board unanimously assured all the stakeholders that the bank was fundamentally strong and was in safe zone. “All the measures were afoot to institutionalize transparency and strengthen accountability frameworks structurally by reinforcing proper checks and balances within the system,” it said.
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.