Srinagar: Kashmir Economic Alliance Chairman, Mohammad Yaseen Khan has asked Governor to withdraw SAC decision on turning J&K Bank into Public Sector Undertaking (PSU).
Addressing a press conference today, Khan said that J&K has so many PSU’s like JK State Financial Corporation(SFC), SIDCO, JKSRTC, JK Industries. The role of these PSU’s in the development has been minimal and are these are at the verge of extinction.
“Almost all PUS’s of the state have got rid of their employees by virtue of different schemes like Voluntary Retirement, Golden Handshake etc and many of them have sold their assets like land and building to clear liabilities, “Khan said.
“On the contrary J&K Bank was created during the Mahraja’s rule with the main objective of the development of state of Jammu & Kashmir. Ever since J&K Bank has remained an autonomous financial institution as a result of which it has the distinction of being largest profitable institution of the state. Also it is the second largest employer of the state after the Govt of J&K itself”, Khan said.
Khan said J&K 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.
“The other nationalised banks working in the state don’t even contribute 10% of what J&K Bank does,” he said.
“SAC’s decision of changing JK Bank into a PSU is a decision not for the betterment of the State or the institution,” Khan said. He said that the present dispensation is an interim arrangement required to handle daily affairs of the state whileas it has tried to take a decision which only an elected and accountable government can take.
Asking Governor administration to roll back the decision, Khan said, “We are left with no choice but to hitthe roads against such disastrous and adverse decisions of the SAC.”
