CAG pulls up J&K Bank for not utilising land acquired during 2016-21

Updated: Mar 29 2023 4:53PM

Jammu, Mar 29 (PTI) The Comptroller and Auditor General (CAG) has pulled up J&K Bank Limited for not utilising the land worth over Rs 140 crore acquired during 2016-21 and recommended a proactive plan for its effective utilisation.

It also said the bank's improper planning resulted into blockage of funds to the tune of Rs 22.78 crore and wasteful expenditure in hiring of premises for its units.

In its report on compliance audit for the year ended March 31, 2021, the CAG said the bank purchased lands valuing Rs 184.92 crore during 2016-21, out of which the land valuing Rs 140.22 crore could not be utilised.