NC Protests Against Govt Decision To Turn JK Bank Into A PSU

SRINAGAR — The National Conference (NC) on Monday took out a protest rally in Srinagar seeking the rollback of a government order to turn J&K Bank into a Public Sector Undertaking (PSU).

Scores of NC workers led by party general secretary Ali Muhammad Sagar took out a rally from Nawa-i-Subh complex to J&K bank corporate headquarters on MA Road to protest the government decision.  Carrying placards and banners, the protesters raised slogans against the government.

Later talking to media, Sagar said the special status of Jammu and Kashmir is “under threat.”

“First they attacked our financial autonomy through GST regime and now by turning J&K bank into a PSU. The people of Kashmir won’t tolerate any such attack on our autonomy,” Sagar said.

He said a meeting of the party at the provincial level in Kashmir is being held tomorrow which will be chaired by the former chief minister and NC vice-president Omar Abdullah where the recent SAC decision about the bank and future course of action will also be discussed. 

Meanwhile, Sagar said that the recent surge in killings in Kashmir indicates that a war has been waged against the unarmed Kashmiris. “A 20-month-old infant is being targeted with pellets who is on the brink of losing eye-sight. We too are humans and should be treated like humans. The killing of innocents in Kashmir is further alienating Kashmiris,” said Sagar.

Later NC said in a statement that the J and K Bank has been rendering excellent services and its management has “improved the efficiency” of the bank. It said that the bank has contributed 65% to overall credit growth as against 35% put in by other 50 banks and financial institutions that operate in the State.

Don’t Erode JK Bank’s Autonomy: Er Rasheed

A larger number of workers of the Awami Ittehad Party (AIP) Monday protested outside the corporate headquarters of Jammu and Kashmir Bank at MA road against the decision of the government to turn the financial institution into a Public Sector Undertaking (PSU).

The protest was lead by AIP president, Er Rasheed. They protested against the recent decision of State Administrative Council to declare  JK Bank a PSU.

Holding placards “Stop turning J&K Bank into SRTC” and  “Don’t erode the Autonomy of J&K bank”, the protesters chanted slogans against the Governor’s administration.  

Addressing the protesters, Rasheed said that the state administration council “wants to erode the autonomy of J&K bank.”

“The governor is taking the decisions which are not helpful for the people of Jammu and Kashmir,” Rashid said, adding “ Jammu and Kashmir Bank is the only financial Institution in Jammu and Kashmir which has its own autonomous body. If this decision is not revoked, it will affect the financial aspects of JK Bank.”

Rashid asked all the political parties including  National Conference and the Peoples Democratic Party to come together and safeguard the Autonomy of J&K bank. Later talking to media persons, Er. Rasheed said that Governor, Satpal Malik, has “no constitutional and moral mandate to bulldoze the autonomy and credibility of J&K Bank.”

He said, “While no other state government owns a bank, J&K bank is an exception. Turning it into PSU means not only eroding its autonomous character but laying a roadmap to make it as worst as SRTC, SFC, JKPCC, HMT or any other failed PSU. Increasing role of state government in controlling the bank will create too many issues and it will become like a fiefdom of politicians and bureaucrats.”

“Bringing JK Bank under RTI has both positive and negative ramifications and measures must be taken to ensure that bringing JK Bank under RTI helps in bringing accountability and transparency in the bank rather creating more issues. Submitting its annual reports to state legislature means political and bureaucratic interference. If other commercial banks don’t have to submit their annual reports to parliament, why should J and K Bank be left to the mercy of state legislature? The decision is politically motivated and desperate attempt to bulldoze the autonomy of the bank,” he said.

“Let people not forget that Governor’s statement over backdoor recruitments in J&K Bank was more aimed at clearing the barriers to take control of the bank by the government and less related to the backdoor entries. If the government is holding 60% shares of the bank may  Governor answer has he taken approval of 40% shareholders before bulldozing the unique character and autonomy of JK bank”, he added.

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