Grameen Bank's ₹2 Lakh Indemnity Bond For New Appointees Declared Invalid For Breaching Banking Norms: Jammu and Kashmir High Court
In a significant judgment, the Jammu and Kashmir and Ladakh High Court quashed the controversial condition imposed by Jammu and Kashmir Grameen Bank (JKGB), which required newly appointed employees to sign an indemnity bond worth ₹2,00,000. The bond stipulated that the amount would be encashed if the employee resigned before completing two years of service. The court ruled that this condition was not only unauthorized but also violated principles of…
