Reducing JK Bank to PSU, ‘economic terrorism’: Industrialists

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By KNS on 29/11/2018.

Reducing JK Bank to PSU, ‘economic terrorism’: Industrialists

Srinagar, Nov 29: Terming the recent decision to reduce JK Bank to Public Service Undertaking (PSU) as ‘economic terrorism’, Industrialists Association Khunmoh (IAK) on Thursday gave ‘ultimatum’ to the government till Saturday on revoking the decision.
As per Kashmir News Service (KNS) correspondent, addressing a press conference, IAK members including Kaiser Shahid Sr Vice president, Yasir Khan Vice president, Imran Murataza General Secretary, Shaheem Khan Secretary Finance and Javaid Ah Lone Secretary said that the recent decision taken by the government to reduce JK Bank as PSU was ‘economic terrorism’, saying that such decision are unacceptable to the people.

Giving ultimatum to the government on revoking the decision till Saturday, the IAK said that the Industrialists will observe shutdown on Saturday (December 01) in case the decision won’t be revoked.

Seeking roll back of SAC decision on J&K bank, IAK members said that they have quite apprehensions that the bank will be merged with any other bank soon in case the decision will not be revoked. They added that they are in favour of JK Bank’s transparency but let the government come up with only three benefits of turning it to PSU.

They said that since its inception in 1938, JK bank enjoyed its economic freedom and attain important position in the society of J&K with its hard work, honesty and integrity adds value to the people of Jammu & Kashmir and supports native industries of J&K as the bank is the main institution providing financial support to industries.

They said that down gradation of prime important financial institute of state as government of India is trying to bring at par with other state owned institutes, which are already loss making like SRTC, J&K cements, J&KTDC.

“The model proposed by Government of India for treating J&K bank as PSU is a failure model as out of 21 PSU in India, 17 are loss making, what the GoI wanted to prove by adopting this model.


Central government wanted to induce central bureaucracy in JK bank,” they said, adding that JK bank is the only bank owned by its state, which is a special privilege to this state by making it PSU is a simple erosion of economic freedom and special status of Kashmir.


“As J&K bank is a listed company its mandatory for the listed company to disclose its financials in front of the general public as when required. J&K bank are already under the ambit of RBI, NABBARD and Attorney general Audit designated by central government,” they said.