BJP condemns protests by political groups against decision to convert J&K Bank into PSU

The BJP Friday condemned the propaganda launched by some Kashmir-based political and other socio-economic organisations against the State Administrative Council's (SAC) decision to convert the J&K Bank into a PSU.

It said there is an urgent need for transparency in the operation of the bank which has been under cloud for rising NPAs and back door appointments.

Last week, the Jammu and Kashmir Bank was brought under the purview of the Right to Information(RTI) Act, Chief Vigilance Commissioner (CVC) guidelines and the state legislature.

The State Administrative Council (SAC), which met here Thursday under the chairmanship of Jammu and Kashmir Governor Satya Pal Malik, approved the proposal for treating the J&K Bank as a public sector undertaking, the official said.

The SAC approved that the provisions of the Jammu and Kashmir Right to Information Act, 2009 shall be applicable to the bank like other PSUs. Besides, the bank shall follow CVC guidelines, he added.

"The motivated propaganda against SAC decision to convert J&K Bank into PSU is highly condemnable. There is a deliberate attempt by the vested interests in Kashmir to oppose the decision of the SAC to convert the J&K Bank into a PSU," J&K BJP spokesperson Brigadier Anil Gupta told reporters here.

He said protests and statements to arouse public sentiments have failed since the decision has been welcomed by majority of the population across the state.

"The J&K Bank has been under cloud for rising non-performing assets (NPAs), back door appointments, misuse of corporate social responsibility (CSR), undue favours and lack of transparency," he said.

"The bank had earned the notorious reputation of making rich richer and the poor poorer," he said.

The BJP spokesperson also ridiculed comments of the Jammu and Kashmir Socio Economic Coordination Committee (JKSECC), a Srinagar-based group, that "making J&K Bank a PSU is a ploy to make us financially dependent on New Delhi".