Current Affairs - Banking - Discussion

The Jammu and Kashmir Bank is now under the purview of Right to Information Act and Central Vigilance Commission (CVC) guidelines. The decision was taken by the Board of Directors of the Jammu and Kashmir Bank. The move will ensure greater transparency and accountability. The decision is after the removal of Parvez Ahmed as the Chairman of the J&K Bank. He was accused of alleged corruption, nepotism and favouritism. Being a government-owned bank, the bank without any choice is to be under RTI. It has been registered under the companies act as a government company. The bank is expected to be brought under the RTI and CVC guidelines by the end of June.