PATNA – According to the Secretary of the Education Department, Baidyanath Yadav, ensuring exemplary financial management in all universities and 268 affiliated colleges is a top priority. Audit reports have revealed the operation of bank accounts without proper records, unknown even to university heads, highlighting financial mismanagement in higher education institutions.
The Bihar government is gearing up to strengthen its oversight of state universities. Despite a staggering amount of ₹2,034 crore lying dormant in 932 inactive bank accounts of universities, the government is puzzled. This sum exposes widespread financial mismanagement in universities, as highlighted in recent audit reports.
Taking this matter seriously, the Education Department is implementing stringent measures to bring transparency to financial management in universities. This year, a team of auditors will scrutinize financial management, budgets, expenses, and related accounts. Reports from the Chief Accountant auditing universities have revealed non-compliance with financial regulations in purchasing materials and executing construction projects.
To streamline financial records, the department emphasizes the consolidation of dispersed funds into a primary account. Many accounts, including inactive ones, have funds distributed across multiple banks. The department recommends either transferring all active funds to a savings account or vice versa, followed by closing inactive accounts. The operation of all university accounts will require joint signatures of the Vice-Chancellor and Financial Officer.
In case either position is vacant, the Chancellor can authorize a designated professor for the task. The operation of college accounts will necessitate joint signatures of the Principal and Bursar. The department assures that measures are being taken to ensure financial administration and transparency in universities.
