Scrap Decision To Turn JK Bank Into PSU: PDP

SRINAGAR —Peoples Democratic Party (PDP) on Tuesday asked the Governor, Satya Pal Malik, to roll back the decision to turn the Jammu and Kashmir Bank into a Public Sector Undertaking (PSU).

In a statement issued here, PDP’s Srinagar district president and senior leader Mohammad Khurshid Alam questioned the decision of “taking away the autonomy of JK’s premier financial institution.”

“Such an action is fraught with the dangerous consequences and will push the state into deeper financial crises in the coming time.”

He added that the intervention into the state’s vital institutions is an attempt to tinker with the “basic characters of the state’s special status.”

Alam said that the state is being pushed to the precipice of a disaster and if the decision to turn the Jammu and Kashmir Bank into a PSU isn’t rolled back it will prove “jeopardise the state’s future.”

 “One must ask what purpose will it serve to take away the autonomy of the JK Bank. Will it benefit the masses in any way. The only difference it will make is that from a premier financial institution, it will turn into a cubicle of the finance department with state government calling shots and sitting behind its steering wheel,” Alam said.

He added that the PDP has “always been pitching for the protection of the state’s special status and will not leave any stone unturned to safeguard its integrity and unique position.”

The PDP leader said that the Governor administration is “not mandated to take the decisions which have far reaching consequences and that this right is accorded to the elected governments by the people in a democratic set up.”

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