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Kashmiri public demands revocation of SAC’s decision regarding JK Bank


Kashmiri public demands revocation of SAC’s decision regarding JK Bank

The decision to bring Jammu and Kashmir Bank under the purview of CVC guidelines , RTI and the state legislature has gained attention and has become focus point.

State Administrative Council (SAC) led by governor Satya Pal Malik and his three advisors on November 22, brought JK Bank under the purview of RTI, CVC Guidelines, and the state legislature.

SAC approved that JK Bank shall follow Central Vigilance Commission [CVC ] guidelines and be treated as  Public Sector Undertaking[PSU].It will hence be accountable to the state legislature, and the Finance Department will be required to place the bank’s annual report before the Assembly.

Various political parties reacted soon the decision came and appealed Guv to rollback decision.

It is worth mentioning that the bank is licensed as an “old private-sector bank” under Section 22 of the Banking Regulation Act, 1949.

“The move could be dangerous for autonomy of the bank and situation may worsen further as agitations can been experienced”, a shopkeeper who told CNI.

When our team talked to peole at ground level we find that general public is not happy with the SAC’s approval .

People threatned mass agitations if decision is not rolled back.

“The JK Bank is the backbone of our economy and has always served us financially , so we can’t tolerate if anyone tries to snatch it’s autonomy”,an old man told CNI.

Kashmir Economic Alliance  Chairman, Mohammad Yaseen Khan has asked Governor to withdraw its decision and  threatened for agitation .Khan said “JK Bank is the only backbone of the state’s economy with a lending of more than 25,000 crores to the people of Jammu and Kashmir and how can tolerate if this oldest institute will be listed in PSU’s”.

Omar Abdullah said that Governor lacks a “people’s mandate to take such major decisions with far-reaching implications”.

Hurriyat Conference (M) chairman Mirwaiz Umar Farooq   termed the dcision as “a ploy to snatch the autonomous character of the financial institution”.

“We can’t remain silent on the new ploy of the government of India of staking claim on J&K Bank which is primarily a people’s institution,” Mirwaiz further added.

PDP hit the roads to protest against the decision and employees of the Bank themselves staged a protest demonstration against SAC’s approval.

A group of people who visited CNI office told that we request Guv to not affect peace and roll back the decision.

CNI News Desk
the authorCNI News Desk
Current News Of India-CNI, is a first news agency and a multimedia news house that gather news and cover all the happenings of J&K and rest of the world. We Publish both English and Urdu news for newspapers and our news has a massive reach as they are carried by National as well as local Newspapers. CNI News is also one among the leading Multimedia News Houses.

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