DD Correspondent
SRINAGAR: Apni Party President Syed Mohammad Altaf Bukhari has raised concerns over the functioning of J&K Bank, alleging that the institution is gradually moving away from the interests of the people of Jammu and Kashmir, despite the Union Territory being a major stakeholder.
Addressing a press conference at the Apni Party headquarters in Srinagar on Monday, Bukhari said J&K Bank has historically played an important role in the economic development of the region and enjoys a special place among its people.
Expressing concern over the bank’s credit growth, Bukhari said lending within Jammu and Kashmir had grown by only 9 per cent, compared with 30 per cent outside the Union Territory. He questioned the rationale behind expanding lending outside J&K when, according to him, the bank’s non-performing asset (NPA) rate is considerably higher outside the region.
He also expressed concern over a reported proposal to recruit candidates from outside Jammu and Kashmir. Bukhari said the bank had traditionally provided employment opportunities to local youth and cautioned that any change in the recruitment policy could further reduce job opportunities for them.
Bukhari also questioned the representation of Jammu and Kashmir on the bank’s Board of Directors, saying that the Union Territory has only one representative on a board comprising around 16 members.
He further claimed that he had received reports about attempts to shift the headquarters of J&K Bank from Srinagar and cautioned that such a move could have serious repercussions.
Urging the elected government to protect the interests of Jammu and Kashmir in the bank, Bukhari said it was the responsibility of Chief Minister, who also holds the Finance portfolio, to ensure that the interests of the region are safeguarded. He pointed out that Jammu and Kashmir holds a 52.6 per cent stake in the institution.
