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Govt action against JK Bank widely hailed
6/12/2019 11:17:17 PM
Early Times Report

Jammu, June 12: The buntings in J&K Bank have proved that the bank was considered a personal property by some Valley based parties and the senior officers of the Bank.
Except those parties who had developed a vested interest in the bank by getting loans in favour of their relatives and friends, the Government action against the Bank has been welcomed by one and all.
Sources said common Kashmiri has hailed the Government as he is of the opinion that Bank has not only been looted but has set a procedure of being only loyal to few political families of Kashmir who ruled the state for decades together.
The IT raids have now brought truth before the people and shown that how some officers having backing of some politicians as well as higher-ups in the Bank managed their promotions through fraudulent means.
This has also revealed that JK Bank was acting as a State within the State and the management had no respect for the government.
This was the reason that it adopted two different yard sticks for appointment of candidates from two different regions of the State. While the preference was given to candidates with low percentage from Kashmir, candidates from Jammu were ignored notwithstanding their high merit.
The Bank's NPA has touched high during the term of outgoing chairman as loan was given to kindly of politicians who did not return, sources added.
Sources said with the Government action the functioning of the Bank has been streamlined to benefit people.
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