JK bank not to be changed into Public Sector Bank, powers vested with bank’s BOD changed, RTI rules applied: Governor

Srinagar, Dec 04: The Jammu and Kashmir Governor Satya Pal Malik has assured a delegation of the Jammu and Kashmir Bank employees that as far as the Public Sector Undertaking matter is concerned, the J&K Bank is regulated by Reserve Bank of India (RBI) as an old generation private sector bank by the registrar of companies as it is a government company under company’s act and by Stock Exchange Board Of India (SEBI) as it is a listed company and will continue to be regulated by the RBI, Stock Exchange Board Of India (SEBI) and the registrar of companies and no changes are being made here or contemplated.
With this assurance offered in the shape of a written communication issued from Raj Bhavan Jammu, a copy of which lies with Kashmir News Service (KNS), said the confusion over the State Administrative Council (SAC) order changing Jammu and Kashmir Bank into a Public Sector Bank stands clarified as government has make it emphatically clear that no order shall be issued for changing Jammu and Kashmir Bank into a Public Sector Bank and it will continue to work as it was working from the inception till now.
However the Governor has made it clear that Jammu and Kashmir bank being a government company and a public authority has been brought into the ambit of RTI and hence is automatically subject to transparency under the provisions of RTI. Clarifying therein “nothing new is being imposed in this regard. As already reported by Kashmir News Service (KNS) on Monday this week in its news bulletin that government is rethinking on withdrawing its decision on changing Jammu and Kashmir Bank into a Public Sector Bank the government has finally rolled back its decision.