The Jawaharlal Nehru Technological University (JNTU-Kakinada) is in search of a panel of three financial experts to effectively manage its financial affairs and its fixed deposits of over ₹900 crore.
According to highly placed sources, the total fixed deposits of the university were over ₹870 crore by the end of the 2019-20 financial year.
The university has fixed deposits at Punjab National Bank, Canara Bank, Union Bank (previously the Andhra Bank), and State Bank of India. The prime source of income comes from the affiliation fees collected from affiliated colleges and examination sections of the university, it is learnt.
Nod from EC
“Now, JNTU-Kakinada is one of the richest universities in Andhra Pradesh. In October, the varsity’s Executive Committee (EC) directed us to finalise a panel of three financial experts. We are in search of suitable financial experts for the effective management of our financial affairs and resources,” Vice-Chancellor Prof. G.V.R. Prasada Raju told The Hindu. In October, he was present at the EC meeting as the Rector.
According to the existing guidelines, one of the three financial experts of the panel to be drawn from the State government service would be appointed as JNTU-Kakinada Finance Officer on a deputation basis.
Speaking to reporters on Tuesday, Prof. Prasada Raju said, “Except the Finance Officer cadre, all the 10 positions of various wings granted earlier by the State government have been filled up. We will recommend a panel of financial experts to the State government as early as possible.” He added that the appointment of the Financial Officer will be the key task of his administration.
JNTU-K is one of the few universities that did not appoint a Finance Officer as mandated by the Andhra Pradesh University Act, 1991. The absence of the Finance Officer raising eyebrows on the university’s financial affairs in recent years.
