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The J&K Bank Officers Association and Traders' federations, though, supported the attempts by the state government to improve the transparency, accountability, fair recruitment policy and governance in J&K Bank. The anti-corruption bureau of J&K registered an FIR and made several raids including the ones at the corporate office of J&K Bank at ...
Jammu & Kashmir Bank Limited (J&K Bank) is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir. [2] The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh.
In June 2019, the Reserve Bank of India approved the appointment of Chhibber as interim chairman and managing director (CMD) of the Bank, following the removal of Parvez Ahmad from the post by the state government. [9] [10] He also served as the Chairman of J&K Grameen Bank an Indian Regional Rural Bank. He was elevated as the Executive ...
The Jammu & Kashmir State Vigilance Commission Act, 2011 reveals the formation of JKSVC under the section State Vigilance Commission Act, 2011 which indicates that the JKSVC was constituted on 15 February 2011 under Sub-Section-1 of Section 3, with the mandate to monitor, inquire or investigate the corruption under any Act of the Parliament or the Act of State Legislature of J&K. [6]
Punjab National Bank Scam: A fraudulent letter of undertaking worth ₹11,600 crore (US$1.77 billion) was issued at the Punjab National Bank branch in Brady House, Mumbai, making the bank liable for the amount. [79] The fraudulent transactions, linked to Nirav Modi, were first noticed by a new employee of the bank. [80]
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
As finance minister of J&K, he designed and negotiated a Rs 80,000 crore development package for J&K which was announced by the prime minister in May 2015. [19] He also negotiated the first-ever FDI to set up a logistics hub in J&K. [ 20 ] He introduced a new state budget structure and a new government payments system.
Jammu and Kashmir is administered by the Republic of India within the framework of a federal parliamentary republic as a union territory, like the union territory of Puducherry, with a multi-party democratic system of governance.