J&K Bank 'misused' by state's ruling families: Jitendra Singh

Union minister Jitendra Singh on Saturday lauded Jammu and Kashmir Governor Satya Pal Malik's decision to bring the J&K Bank under the purview of the RTI Act, the CVC and the state legislature and said it had been "misused" by the state's ruling families.

The proposal for treating J&K Bank Limited as a public sector undertaking was approved at the State Administrative Council's (SAC) meeting, chaired by Malik, here on Thursday.

Singh said the governor's decision was in line with the Centre's commitment to maximum transparency in the functioning of such institutions.

Over the last four decades, the J&K Bank has been used to benefit the members of the state's ruling parties, Singh told reporters here.

He said the bank's autonomy was exploited to fill the coffers of those who swear by autonomy for the state.

The Minister of State in the Prime Minister's Office (PMO) asked Malik to conduct an audit of the bank and place in public domain the names of illegitimate beneficiaries, loan defaulters and unverified investors.

Singh said those raising hue and cry over the governor's decision were the ones who needed to be investigated.

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He added that it was a mystery how some of these people, with no apparent source of income or meager income, made fortunes overnight and acquired properties across India, Dubai, UK and elsewhere.

He also called for impartial high-level probes into the scams which came to light during the rule of the Congress and its allies.