Controversy brews as J&K bank issues caveat notices to employees

Srinagar, May 11 , 2024 : Jammu and Kashmir Bank finds itself embroiled in controversy following the issuance of caveat notices to a significant number of its officers. The move comes on the heels of the Bank reporting its highest profit in its 85-year history, sparking questions and concerns among its workforce. The caveat notices, issued in light of a newly approved promotion policy and subsequent career progression notification, have raised eyebrows among employees who allege favouritism and discrimination. “That the applicants/caveator Bank apprehends and has a reasonable belief that the noncaveators may challenge the said promotion/career progression process of its employees from Manager to Senior Manager,” the caveat notice issued to Bank officers read. Some aggrieved officers claim the notices are a deliberate attempt to obstruct their participation in the career advancement process, rather than a genuine legal precaution. “The caveat has been issued to bar the employee for asking management about the rights,” said an aggrieved bank employee posted in Srinagar. Disturbance has rippled through the Bank’s ranks as the notices have been dispatched to residential addresses, unsettling many officers, including women employees. Moreover, the broad application of the caveat, targeting not only those aspiring for promotion but also senior
officers deemed potentially litigious, has fueled discontent. Employees are calling for intervention from the J&K government, a major stakeholder in the Bank, urging a resolution to the dispute through dialogue and fairness.
“The promotion policy lacks transparency and inclusivity, leaving room for suspicion and resentment,” the employee said. The Bank’s Managing Director and CEO, Baldev Prakash, maintains that the policy is noncontroversial and has been duly sanctioned by the Board of Directors. “There are some disgruntled elements who are terming it a controversial policy. It has been approved by the Board of Directors of the Bank,” Baldev told UNI. However, dissenting voices within the bank question the legitimacy of these notices. “The issuance of caveat notices is an act of intimidation aimed at stifling dissent and discouraging employees from asserting their rights,” said another officer.
Other employees who are likely to be called for the interview want the bank to amicably resolve this issue.
“Let all the eligible candidates participate in the career progression process on equal footing, fostering a culture of fairness and meritocracy within the institution as has been done in the past,” remarked a Bank Manager.