Chairman J&K State Committee CPI (M) Mohammad Yousuf Tarigami has expressed satisfaction over Governor’s assurances to the J&K Bank to retain its autonomy. In a statement on Wednesday Tarigami said, “It is good that representatives of the Bank employees and the Governor’s administration met and issues have been clarified, which is a welcome step.” He, however, said that certain concerns still remain which need to be addressed.
“The issues of transparency and accountability must be specifically addressed as the people of the state have every right to know about the affairs of the Bank,” Tarigami said.
Referring to the remarks of former Finance minister during his Budget speech in the last session of the Assembly Tarigami said such a disturbing situation demand thorough discussion and debate in the legislature. The former Finance minister had said, “I am deeply pained to inform the house that our premier institution, J&K Bank, there have been some serious lapses in corporate governance and management failures over the last few years.”
Tarigami said, “It also demands a credible probe to fix the responsibility and also allow the legislature to suggest remedial measures.”
He said, “J&K Bank’s autonomy has to be protected undoubtedly, but this autonomy should not be used as a pretext to promote big business defaulters at the cost of ordinary customers. Autonomy should lead to strengthening J&K Bank itself, but not the wrongdoers.”
Stressing the need for maintaining transparency in the Bank Tarigami said transparency and accountability are the only tools to strengthen every institution, including J&K Bank. “There has to be social control over the Bank, and that is not synonym with government control. It should involve parliamentary oversight. Also, it should be answerable to the people through the setting up of appropriate institutional mechanisms,” he added.