JK Bank Downgrade: Er Rasheed holds sit-in protest outside the bank


Awami Atihad President Er Rasheed on Monday along with his party workers held a sit-in protest in Srinagar against declaring JK Bank a Public Sector Undertaking.

Er Rasheed along with party workers staged a protest outside JK bank against turning of J&K Bank into PSU.
KL Image by Bilal Bahadur

Dozens of party workers holding play cards in their hands assembled outside JK Bank corporate office in Srinagar and chanted slogans against the decision of state administrative council.

Talking to reporters on the occasion Er Rasheed said that Governor Satpal Malik has no constitutional and moral mandate to bulldoze the autonomy and credibility of J&K Bank.

He said “while no other state government owns a bank, J&K bank is an exception. turning it into PSU means not only eroding its autonomous character but laying a roadmap to make it as worst as SRTC, SFC, JKPCC, HMT or any other failed PSU.”

“Increasing role of state government in controlling the bank will create too many issues and it will become like a concubine of politicians and bureaucrats. Bringing JK Bank under RTI has both positive and negative ramifications and measures must be taken to ensure that bringing JK Bank under RTI helps in bringing accountability and transparency in the bank rather creating more issues,” saod Er Rasheed.

“Submitting its annual reports to state legislature means state away political and bureaucratic interference. If other commercial banks don’t have to submit their annual reports to parliament, why should JK Bank be left to the mercy of state legislature,” said Er Rasheed.

“The decision is politically motivated and desperate attempt to bulldoze the autonomy of the bank. Let people not forget that Governor’s statement over backdoor recruitments in J&K Bank was more aimed at clearing the barriers to take control of the bank by the government and less related to the backdoor entries,” he said.

“If the government is holding 60% shares of the bank may Governor answer has he taken approval of 40% shareholders before bulldozing the unique character and autonomy of JK Bank,” said Er Rasheed.

Er Rasheed added that the decision will badly hamper the functioning of the bank and even ordinary customers will start losing faith in the credibility, integrity, and efficiency of the bank.

He appealed for a vast consensus between various political parties and trade organizations to force governor regime to roll back the decision.

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