The Legitimate Desk: Decision
As the Jammu and Kashmir was going through political drama last week after Assembly was dissolved by Governor NN Vohra there was great news to share that premier state financial institution JK Bank was brought under the ambit of Right to Information Act and Chief Vigilance Commission CVC.
The decision was given by the State Administrative Council (SAC) led by Satya Pal Malik. However the bank was in news for sometime after Malik in an interview to a news channel claimed massive scale of corruption and favouritism in the bank during the rule of PDP and BJP.
In fact Mehbooba government was accused of appointing over 2000 undeserving candidates that triggered the huge political crisis in state and prompted SAC to order the investigations which are yet to be completed by the Anti Corruption Bureau.
The Right To Information Movement had been steering a campaign and a legal process against the bank since 2011 when State Information Commission passed the verdict to bring JK Bank under the ambit of RTI. The Bank had challenged the verdict in High Court where the matter was sub judice.
Meanwhile, the decision must be lauded by the governor for making the institution accountable and transparent.
Bank has often served the financial requirements of the state and stood to the test of times. But what has been the wrong in the decision that it has been brought under the control of government after declaring it Public Service Undertaking (PSU). Before taking such decision Governor should have seen the plight of other PSU’s in state.
Be it SICOP, JK Cements, SRTC all are crumbling under financial debts. Bringing JK Bank under RTI was aimed to ensure its progress and prosperity which is not seen in the PSU’s.
So it will be a million dollar question for the government now how it can ensure the security and progress of bank when it will have more political intervention and its body would be totally designated by the political parties.
Even the experts have already warned of such consequences after it was declared as PSU. On the other hand the bank officials are also wary of the decisions who perceive it as politically motivated decision.
If there is anything wrong witnessed in the bank it was almost on behest of the successive governments and politicians. By giving them the sweeping powers politically after declaring it PSU there is nothing good to be expected.
It will have potential chances of financial irregularities, illegal recruitments and above all the undue favours to the key persons in the government and in times to come the Bank will be another institution like SRTC SICOP or JK Cements struggling to survive.
In the larger interests of people and the bank the governor who claims to clean the rot in the system must reconsider its decision and do not get involved in the process where for generations he will be remembered for destroying the most powerful institution of state.