JKLF criticizes Govt for replacing JK Bank

GK NEWS NETWORK

Srinagar, Jan 28: Jammu and Kashmir Liberation Front today questioned the state government’s decision to replace JK Bank with RBI as its sole banker, saying any effort to weaken the financial institution will harm the “already” weak economy of the state.
“Any effort to weaken this bank will have a direct impact on the already worsened economic conditions of the people of Kashmir,” JKLF chairman Muhammad Yasin Malik said in a statement here.
Pointing that JK Bank is an asset for Kashmiris, he claimed that the bank “achieved its success” because of the “movement” in the Valley, referring to the separatist movement which began in 1990.
“If we see, the JK Bank had no existence before 1990 and it was because of the efforts of the people here that this Bank became a big institution,” Malik said.
He also questioned the rationale behind making the bank subservient to the “Indian interests” at a time when New Delhi was making “tall promises” of reaching out to the people of Jammu and Kashmir.
Malik was referring to the state government’s recommendation, under which RBI has replaced JK Bank as the sole banker to the state government in view of the alleged mismanagement of the overdraft facility in the past.
However, JK Bank will continue to act as the agent of the RBI for the state government.

Lastupdate on : Fri, 28 Jan 2011 21:30:00 Makkah time
Lastupdate on : Fri, 28 Jan 2011 18:30:00 GMT
Lastupdate on : Sat, 29 Jan 2011 00:00:00 IST



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