JKBOA calls for probe into banking irregularities

SRINAGAR: The Jammu and  Kashmir Bank Officers’ Association on Saturday called for a Central Bureau of Investigation  and Serious Frauds Investigation Office probe  under monitoring by Supreme Court of India to unearth the real  beneficiaries and facilitators of ‘public loot’ so responsibility can be fixed and culprits are brought to justice.
In a statement issued here, it has said that probe has become significant after subsequent observation of Supreme Court of India wherein bad debts menace of Indian Banking System has been linked to governance issues of the concerned banks. It said that the probe is of significant importance saying that severity of the problem is a result of nexus of few fraudster corporate, conniving auditors and facilitating bank executives having perpetuated a scam of lakhs of crores of loot of public money.
The association has also called upon all the bank staff unions to come out vociferously against any move of mergers of small banks as envisaged by the pro capitalistic political dispensation backed by few corporates because these banks have been playing an important role in economic development of their area of operation.
It has also clarified that it will be disastrous to transfer the ownership of public wealth from state to private hands as this type of loots will then become order of the day.
The leadership of JKBOA is ready to facilitate the adoption of joint strategy  by the banking staff unions to start the struggle of survival using every constitutionally guaranteed mechanism.
It has also  called upon its membership to be vigilant against moles wearing trade unionist uniforms and fraudster element approaching as clients so as to safeguard themselves against any institutional or personal loss.