During the last few weeks of Governor’s rule, the people of J&K have seen a few historical decisions taken by SAC. Among these, two important decisions taken were, bringing JK Bank under the ambit of RTI act, with the aim of making the people’s bank more transparent and repealing of J&K State Lands (vesting of ownership to the occupants) Act 2001 commonly known as Roshni Scheme. In the recent past many eye brows were raised on the mal functioning of JK bank. The alarming increase in the Non Performing Assets (NPA), list of defaulters and irregularities in recruitment, had caused much apprehension in the minds of the genuine customers of the bank. JK bank whose foundation was laid by late Mahraja Hari Singh in 1939, owes its existence to companies Act of 1956. It was progressing smoothly and gained its importance after 1990 due to onset of militancy. The deposits of bank increased manifold after the people started reposing more trust in J&K Bank. M.Y. Khan as the Chairman of the bank, made a lot of contribution towards the growth and expansion of the bank. He reorganized the basic structure of the bank and renovated the buildings with a new look and introduced heritage Kashmiri structural design and material like Khataband and wood panelling to give it some echo friendly touch. Though he had joined the bank on his transfer from SIDCO, a state PSU, which was also running in red as other PSUs but he gave new shape and direction to JK bank. After 2000, the political administrative interference made inroads in the bank through State finance ministry. This interference gained momentum during N.C/ INC and PDP /BJP coalition rule from 2009 to 2018. It is alleged that majority of the candidates selected in JK bank belonged to a particular constituency of a former minister. It is not only the JK bank which became their family bank for some politicians and businessmen but they also treated Muslim Auquaf Trust and custodian property as their own domain by exploiting its resources for expansion of their business empire. There have been reports of irregularities in the recruitment of the bank and appointments made without having available vacancies. So far as the NPA is concerned the JK bank has a distinction of having the whopping Non Performing Assets of Rs. 6000 crore amongst private sector banks. The bank has been hiding and not disclosing any information regarding bad loans, defaulters, NPA’S etc and were fighting tooth and nail against bringing it in the ambit of RTI act to protect the defaulters and their officers responsible for such a big loss to the bank.
The depositors have every right to know where this huge money has gone and who are the receptors of this hard earning money of widows, pensioners and poor people. There are large number of cases where the NPA is more than hundred crore in and out side state and may be outside country like Mehul Chowksy of Geetangli Gems and Vijay Mallaya who are one of those who have taken more than hundred crore. By bringing it with in the ambit of RTI act, can expose the wrong doers and will lead to improve the health of the bank. The big loanees having political connections and politicians who have made huge wealth in no times have to come clear of their questionable conduct. The author of article “The Tragedy OF Kashmir” recently appeared in G.K has done a complete and comprehensive research analysis on NPA’s, advances, recruitment, working and transparency of JK bank. Issuing fresh advances to a defaulter is a glaring example of mal functioning of bank and non accountability of their concerned officers. The article is an eye opener for those who are defending malfunctioning of the bank under the cover of so called autonomy of the JK bank. It seems that the governor has taken the right decision to make the institution more transparent and officers of the bank more accountable, there by to protect the interest of customers.
The governments have so far failed to take such a bold initiative as they carry vested interest with them. The bank already being de-facto PSU, it was therefore advisable to declare the bank as a public authority instead of PSU as the government continues to exercises its control having major share in the bank. The people of J&K have a bitter experience of PSU’S as all these institutions are running in red. The recent order of bringing the bank within the ambit of RTI and Vigilance Commission/ACO government needs to act as a watch dog, through CIC and CVC to improve the transparency in the bank.
The second important and landmark decision of SAC is repealing of J&K State Lands (vesting of ownership to the occupants) Act 2001 commonly known as Roshni scheme. The act was enacted by Farooq Abdullah-led N.C government and came into effect in March 2002. However, it was amended by successive Mufti Muhammad Sayeed and Ghulam Nabi Azad-led governments in 2004 and 2007. The much hyped Roshni scheme was meant to raise Rs 25000 crore to finance Hydropower projects by selling state land under unauthorized occupation in J&K. The Roshani scheme turned out to be a biggest land scam of 21st century. In 2016, the scam had grown of larger magnitude in Jammu where the revenue realization had been mere Rs 24.25 crore against grant of ownership rights over 2.10 lakh kanal land to 39,829 occupants under this scheme. In Kashmir Roshni scheme had fetched only Rs. 54.17 crore against grant of ownership rights of over just 19293 kanal land to 10,328 beneficiaries. A total of Rs 78.74 crore has been generated under this scheme. These figures were revealed by the then minister for revenue while informing the house as a member of treasury bench. In 2016, to a separate question, the house was informed that in Srinagar the government had regularized the land holdings of former speaker Gh. Mohi-ud-Din Malik, Ex-MLC K.K Amla, ex- Finance minister Haseeb Drabu, ex. C.M late Ghulam Muhammad Shah, Ex-MLA Irfan Ahmed Shah and former M.P Dr. Mehboob Beg. Likewise in Jammu also the land holding of some former MLA’s and a MLC was also regularized among others. Against the expected/ estimated revenue from such occupants, the revenue actually generated has been very meager thereby failing to realize the objective of the scheme. In this connection, a number of cases stand registered in vigilance department and some politicians, top revenue officials and many influential persons were under the radar of investigating agency. The recent joining of hands by different mainstream political parties shows that how much lust they have for gaining the political power and therefore can go to any extent to achieve the same. The decision of SAC is therefore worth commendable and the government under present rule needs to give directions to the concerned investigating agency to expedite the probe against whom the cases stand already registered and bring these cases to logical end.
Abdul Rashid Khan is retired IGP
abdulrashidkhan47@gmail.com