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Sajad Lone welcomes re-examining of SAC decision on J&K Bank

Press Trust of India  |  Srinagar 

Welcoming the government's announcement to re-examine the issue of accountability of to state legislature, Conference chairman Tuesday said the institution must remain "totally autonomous".

said government influence and control over the (J&K) were against the very spirit of entrepreneurship.

The (SAC) under the chairmanship of had on November 23 approved the proposal for treating the Limited as a Public Sector Undertaking (PSU), thus bringing it under the purview of the Right to Information (RTI) act, the (CVC) guidelines and the

Less than a fortnight after approving the proposal, the agreed to rethink the decision after meeting a delegation of the on Tuesday.

"The bank has to be made free from any government encumbrances. In the context of Jammu and Kashmir, is literally the sole lender to the private sector," said in a statement.

Lone said if the government had disproportionate influence over the bank, the political government of the day will get to decide who to lend to and who not to lend to.

"That virtually puts the private sector at the mercy of the political establishment. And this has suited the two dynasties which have made the J&K Bank the field of a selected elite," he said.

"If there are any misgivings about recruitment, it is the two dynasties which have done it. So all the better to free it from political control," added Lone.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 23:30 IST