J&K Bank brought under purview of RTI, CVC and State Legislature

The Jammu and Kashmir Bank has been brought under the purview of the Right to Information (RTI) act of 2009, the Chief Vigilance Commissioner (CVC) guidelines and the State Legislature. The State Administrative Council (SAC) under the chairmanship of Governor Satya Pal Malik approved the proposal for treating the J&K Bank Limited as a Public Sector Undertaking (PSU). Now, the J&K Bank Ltd shall be accountable to the State Legislature like other state PSUs. Established in 1938, the J&K Bank Ltd is the only state government promoted bank in the country, with the Jammu and Kashmir government currently holding 59.3% of the shares.