Ziraat Times News Desk
SRINAGAR – In a move to centralize public funds and ensure strict fiscal discipline, the Government of Jammu and Kashmir’s Finance Department has issued a fresh directive mandating that all official government accounts be maintained exclusively with the Jammu and Kashmir Bank.
The circular, issued by Shailendra Kumar (IAS), Financial Commissioner of the Finance Department, serves as a stern reminder to all departments, Public Sector Undertakings (PSUs), and autonomous bodies to adhere to long-standing financial protocols.
The Finance Department noted with concern that despite previous instructions issued in January 2020, several officers and departments have been operating official accounts in banks other than J&K Bank. This “deviation” has prompted the government to re-establish the primary role of the J&K Bank as the sole custodian of government funds.
The official order (No.FD-Bkg/14/2025-03) outlines the following immediate requirements:
Exclusive Banking: No Government Department, Drawing and Disbursing Officer (DDO), Autonomous Body, or Corporation is permitted to open or operate accounts in any bank other than Jammu and Kashmir Bank.
Mandatory Review: All existing accounts currently held in other banking institutions must undergo an immediate review.
Closure and Transfer: Departments are instructed to take necessary steps to close non-compliant accounts and transfer all remaining balances to J&K Bank without delay.
The government has warned of serious consequences for non-compliance. According to the directive, any further deviation from these instructions will be “viewed seriously,” and individual responsibility will be fixed on the concerned officers for any lapses.
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