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Sajad Lone welcomes announcement

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Says bank has to be made free from any political control

Srinagar, Dec 04: Welcoming government’s announcement of re-examining the decision of State Administrative Council relating to J&K Bank, Peoples Conference chairman Sajad Gani Lone on Tuesday said J&K Bank is a premier financial institution which deserves to be made totally autonomous in its decision-making.

“In the context of Jammu and Kashmir, J&K Bank is literally the sole lender to the private sector. If government has disproportionate influence over the bank, the political government of the day will get to decide who to lend to and who not to lend to. That virtually puts the private sector at the mercy of the political establishment. And this has suited the two dynasties (of NC and PDP) which have made the J&K Bank the field of a selected elite,” he said in a statement issued today.

He said government influence and control of the bank is against the very spirit of entrepreneurship.

“If there are any misgivings about recruitment, it is the two dynasties which have done it. So all the better to free it from political control,” he said.

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