J&K Bank implements RTI and CVC guidelines for better governance and strong accountability framework

Srinagar: The Board of Directors of J&K Bank today took some important and significant decisions towards improving governance and bringing more transparency in the functioning of the Bank. While meeting for the first time under the Chairmanship of its interim Chairman & Managing Director Rajesh Kumar Chhibber the Board took major decisions in this direction which inter alia includes implementation of J&K RTI Act, 2009 and CVC guidelines from 17th June, 2019. Besides other directors on Board of the Bank, the meeting was attended by Promotor 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 16th 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 willful defaulters.
The Board also urged for a strong monitoring mechanism for ensuring timely implementation of Board decisions.
Boosting the digital vision of the bank, the Board also called for strengthening of technology framework that includes 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 staff, the Board unanimously assured all the stakeholders that the Bank is fundamentally strong and was in safe Zone as all the measures were afoot to institutionalize transparency and strengthen accountability frameworks structurally by reinforcing proper checks and balances within the system. 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.