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JK Bank has become hot potato


JK Bank has become hot potato

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 CVC guidelines and be treated as  Public Sector Undertaking[PSU].

Since then the topic is being discussed everywhere in the state.Political parties and other state organisations has started to react against the decision taken by SAC.

Mehbooba Mufti said that the Governor administration is taking such decisions which smack off attempts to fiddle with the basic characters of the state’s special status.

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

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”.

“We will stage state wide protests if decision is not rolled back” , he further added.

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.

Despite oppostions by various political organisations SAC didn’t took back its decision.

“Extension of RTI Act and CVC guidelines is only aimed at promoting Good Governance and transparency in the functioning of the Bank,  an official said.SAC defended the decision and government spokesman said that the decision was taken for the welfare of the institution.


CNI News Desk
the authorCNI News Desk
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