TOWARDS BETTER GOVERNANCE | J&K Bank implements RTI, CVC guidelines

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 itsinterim Chairman and Managing Director, Rajesh Kumar Chhibber, the Boarddecided that the bank shall implement J&K RTI Act, 2009 and CVC guidelinesfrom 17 June 2019, the Bank in a statement said.

   

Besides other directors on Board of the Bank, the meetingwas attended by Promoter Director Dr. Arun Kumar Mehta (IAS), the FinancialCommissioner of J&K State.

Notably, the Board of Directors after receiving directionsfrom the Government of J&K had in its meeting held on 26 March 2019 decidedto implement the RTI and CVC guidelines from June this year.

While passing directions to “arrest any further slippages ofaccounts to NPA”, the Board also decided that strict action shall be initiatedagainst all the wilful defaulters.

The Board stressed for a strong monitoring mechanism forensuring timely implementation of Board decisions.  

For boosting the digital vision of the bank, the Boardcalled for strengthening of technology framework including the migration of itsCore Banking Solution to Finacle 10, besides strengthening its early warningand alert generation systems.

Expressing total confidence in the Bank’s management and thestaff, the Board unanimously assured all the stakeholders that the bank wasfundamentally strong and was in safe zone. “All the measures were afoot toinstitutionalize transparency and strengthen accountability frameworksstructurally by reinforcing proper checks and balances within the system,” itsaid.

The Board was optimistic that the bank will achieve all theenvisaged business targets in time and would do better on all performanceindicators going forward.

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