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news details
Industrialists term turning JK Bank into PSU as 'economic terrorism'
Demand revocation of Govt order
11/29/2018 11:28:53 PM
Early Times Report

Srinagar, Nov 29: Valley based industrialists on Thursday termed the Governor led administration's decision of turning JK Bank into PSU as 'economic terrorism' and asked the government to revoke decision by Saturday.
Industrialists Association Khunmoh (IAK) on Thursday held a presser to pitch for the revocation of the order that has come under severe criticism from different quarters.
IAK members including Kaiser Shahid Sr Vice president, Yasir Khan Vice president, Imran Murataza General Secretary, Shaheem Khan Secretary Finance and Javaid Ah Lone Secretary said that the recent decision taken by the government to reduce JK Bank as PSU was 'economic terrorism', saying that such decision are unacceptable to the people. "The decision should be revoked till Saturday, the Industrialists will observe shutdown on Saturday (December 01) in case the decision won't be revoked," they said.
According to KNO correspondent, they claimed that 'apprehensions are that the bank will be merged with any other bank soon in case the decision will not be revoked'.
"Since its inception in 1938, JK bank enjoyed its economic freedom and attain important position in the society of J&K with its hard work, honesty and integrity adds value to the people of Jammu & Kashmir and supports native industries of J&K as the bank is the main institution providing financial support to industries," they said.
The industrialists said that the model proposed by Government of India for treating J&K bank as PSU is a failure model as out of 21 PSU in India, 17 are loss making.
"JK bank is the only bank owned by its state, which is a special privilege to this state by making it PSU is a simple erosion of economic freedom and special status of Kashmir," they said.
"As J&K bank is a listed company its mandatory for the listed company to disclose its financials in front of the general public as when required. J&K bank are already under the ambit of RBI, NABARD and Attorney general Audit designated by central government," they said.
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