SRINAGAR: Expressing serious concern over the reports of financial indiscipline in Jammu and Kashmir Bank, Hurriyat Conference (M) said that the bank being the national asset of Kashmiris, the people have attached great hopes that it would act as an agent of economic progress and prosperity in Kashmir.
According to a statement, a Hurriyat (M) spokesman alleged that in a bid to favor some blue eyed people, the bank recruited more people than actually needed, provided loans on low interest rates to non-JK firms, which have caused 4000 crore debit liability to the bank.
The bank has also provided high interest loans to Kashmiris, and property of worth billions of rupees of JK Bank Board of Directors and other key office bearers outside Kashmir has harmed the credibility of the financial institution, he alleged.
The spokesman accused the JK bank of acting more like a government department than a financial institution, adding, instead of fulfilling the expectations of people; its functioning has been restricted to provide services to government ministers.
Terming JK bank as the peoples institution, the spokesman stated that people are keenly watching the business activities of the bank. He stated that nobody would be allowed to undermine the economic interests of the people of Kashmir, and nor the scams and bungling in the bank is going to be tolerated by the people. The spokesman expressed hope that the JK bank administration would take all steps to restore the confidence in the financial health of the bank among the consumers and general public.
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