Economy

Reducing JK Bank to PSU is ‘economic terrorism’, say Industrialists of the Valley 

Srinagar: Terming the recent decision to turn JK Bank in to a Public Service Undertaking (PSU) as ‘economic terrorism’, Industrialists Association Khunmoh (IAK) on Thursday gave an ‘ultimatum’ to the government till Saturday to revoke the decision.

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 an 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 the roll back of SAC decision on J&K bank, IAK members said that they have 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 a PSU.

They said that since its inception in 1938, JK bank enjoyed its economic freedom and attained 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 it is the main institution providing financial support to industries.

They said that the  the government of India is trying to bring the bank at par with other state owned institutes, which are already in loss like SRTC, J&K cements, J&KTDC.

“The model proposed by Government of India for treating J&K bank as PSU is a failure as out of 21 PSU in India, 17 are in loss. What do they want to prove, “they said, adding that JK bank is the only bank owned by the state, which is a special privilege to this state and by making it a PSU is simple erosion of the economic freedom and special status of Kashmir.

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

(With inputs from KNS)

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