My removal politically motivated, says ex-chief of J&K Bank

Former Managing Director and Chairman of the J&K Bank Parvez Ahmed Nengroo, who was eliminated unceremoniously from the financial institution’s prime publish 21 months in the past in the course of the Governor’s rule, stated the transfer to raid the financial institution and take away him was “politically motivated and tarnished his reputation for no reason or rhyme”.

In an unique interview to The Puucho on Monday, Mr. Nengroo broke his 21-month silence on the fees of unlawful appointments, kicks-backs and serving to his “relatives” throughout his tenure. These expenses have been levelled towards him by the Anti-Corruption Bureau (ACB), a authorities company that’s probing the case.

“The ACB has failed to establish my role in any of the charges even after 21 months. There is nothing concrete that has emerged so far to justify coercive actions taken against the bank and its officials,” Mr. Nengroo stated.

Mr. Nengroo stated he was at all times passionate to contribute to any authorities or personal set-up and “utilise his experience”.

“However, my disgraceful exit from the bank has put a spanner into my plans to contribute to the society at large. With each passing day, the political motivation behind my removal is getting starker,” he stated.

Routine course of

On the alleged unlawful recruitment, he stated the financial institution promoters, particularly the federal government of the day and the civil society teams, at all times steered candidates for subordinate employees like peons.

“Appointment on compassionate grounds was in vogue since the inception of the bank to provide sustenance to socially and economically weaker sections. Such practice was never objected to by the board members, the Reserve Bank of India (RBI) or any other regulatory body or law enforcing agency. The same model was adopted during the BJP -PDP coalition government too,” he stated.

He stated if the current regime deems the apply unlawful then it ought to terminate all such appointments made in the course of the previous 80 years and even cease the pension of such workers. “Taking action for a particular period of 2011-2019 looks biased and politically motivated,” he alleged.

He stated the then Governor Satya Pal Malik had publicly ordered that 582 candidates, who had didn’t qualify interview as Banking Associates be absorbed, superseding the Board of Directors of the Bank. “Such appointments are not forming a part of the investigation,” he identified.

Legacy mannequin

The ex-chairman stated the J&K Bank was the erstwhile State’s success story primarily as a result of it was pushed by a mannequin drafted by then Maharaja Hari Singh to have a public possession and personal functioning.

“The present regime has changed this model and has declared J&K Bank as a Public Sector Undertaking. This was only followed up by removal of the chairman and carrying out unprecedented raids at its corporate headquarters,” he stated.

Plummeting efficiency

Mr. Nengroo stated after the hole of 21 months, the efficiency of the financial institution is disappointing on all fronts.

“The bank saw loss of ₹1139 crore as on March 31, 2020; closure of key offices and branches outside J&K instead of opening of new branches abroad; and nosediving of share prices from ₹60 to ₹14, resulting in erosion of the investment value of the government in the bank from ₹2100 crore to ₹600 crore,” he stated.

The ex-chairman stated persons are scared of maintaining cash with the J&K Bank as a result of of “a sustained malign campaign”.

“Interference by the ACB and other investigating agencies on every single transaction is having adverse impact on the culture and commercial decisions of the bank. Such interference is unheard of, not even in the banks where huge scams were reported like the Nirav Modi scam in Punjab National Bank,” he stated.

He stated it is excessive time for the federal government to revive the purposeful autonomy of the financial institution.

“The government is not able to identify a candidate to be appointed as a full time chairman and the interim chairman gets extension after every three months. It is high time for the government to restore the functional autonomy of bank,” stated Mr. Nengroo.