Urging Governor Satya Pal Malik to revoke the recent SAC decision declaring J&K Bank a public sector undertaking (PSU), National Conference leader and former finance minister Abdul Rahim Rather on Monday said it is "disastrous" and will facilitate "undue interference" in the day-to-day working of the bank.
"It is quite shocking to know that the J&K Bank, an efficient, viable and profitable institution has been reduced to a public sector undertaking. I fail to analyse the purpose and reason underlying such a decision," Rather said in a statement issued to the press.
"This decision, l'm sure, will facilitate undue interference in the day to day working of the bank which will prove disastrous for this premier institution, as evidenced by the other PSUs of the state."
He said J&K Bank has contributed 65 percent to overall credit growth as against 35 percent put in by other 50 banks and financial institutions operative in the State. J&K Bank has undoubtedly been a commercial resort for all sections of the population in the state. A reference to SLBC data for last four to five decades corroborates and reveals the same.
It has done exemplary hand holding of the poor artisans and farmers, he said. Moreover, it has spread the network of its branches in other parts of the country and its performance there also has been appreciated by all the concerned.
But unfortunately while deciding to reduce its stature to that of a PSU, all the services and the high role of the bank have been ignored, he added.
Meanwhile National Conference party functionaries on Monday held held a sit-in outside the J&K Bank head quarters demanding immediate rollback of SAC decision turning J&K Bank into a PSU undertaking. The protesting functionaries raised apprehensions that such a decision will affect the working of J&K Bank.
Addressing the functionaries' at the sit-in, provincial president Nasir Aslam Wani said that the continuous onslaught on the institutions of the state will prove detrimental to their working. "The incumbent governor administration should leave emotive administrative decisions for the popular government to decide upon," he said.