SRINAGAR: Prime Minister Narendra Modi on Thursday alleged that the Jammu and Kashmir (JK) Bank had fallen victim to dynasty rule’s nepotism, corruption and mismanagement. In the last five years, he said the “about to sink” bank was revitalised by interventions and converted into a profit-making institution.
Addressing a public gathering at Bakshi Stadium in Srinagar, Modi said that the Kashmiri dynasty politicians spared no effort in looting the bank and granting opportunities to their relatives, ultimately leading to its severe mismanagement and financial distress, endangering thousands of crores of rupees.
“By filling the bank with their relatives and nephews, these family members had broken the back of the bank. Due to mismanagement, the bank had incurred so much loss that thousands of crores of rupees of all of you were in danger of being lost, it was the money of the poor man of Kashmir, it was the money of the hard-working people, you and my brothers and sisters had money that was going to be lost,” PM Modi said, making perhaps the first reference towards a particular bank in years.
“To save Jammu and Kashmir Bank, our government carried out reforms one after another. It was also decided to extend an assistance of Rs 1,000 crore to the bank. We also took strict action against the wrongful recruitments in Jammu and Kashmir Bank. Even today the Anti-Corruption Bureau is investigating thousands of such recruitments. In the last 5 years, thousands of youth of Jammu and Kashmir have got jobs in banks with complete transparency,” he added, asserting about the interventions in the last five years.
Now, five years later, PM Modi said the bank has become strong again. “The profit of this bank, which was a failing bank, is reaching Rs 1700 crore,” PM Modi said, insisting on, the new in-thing “guarantee of Modi”. “This is your money, it is your rightful money, Modi is sitting like a watchman.”
The Prime Minister, in fact, read the entire results of the bank from last quarter. “Five years ago, the bank’s business had shrunk to Rs 1.25 lakh crore, now the business of the bank has crossed Rs 2.25 lakh crore,” he said. “5 years ago the deposits in the bank had also reduced by Rs 80 thousand crores, that is, now it is going to be almost two times.” He said the bank’s NPA has gone down from 11 to five per cent.
“In the last five years, the share price of JK Bank has also increased by almost 12 times. The share price of the bank which had fallen to Rs 12, has now reached around Rs 140. When there is an honest government and the intention is for the welfare of the people, then the people can be rescued from every difficulty,” he asserted.
