NC protests in Ganderbal over J&K Bank, demands roll back of decision to treat J&K Bank as PSU

Ganderbal (PR): Dozens of NC activists staged a protest march here on Saturday seeking rollback of the Governor’so order turning the Jammu and Kashmir Bank into a public sector undertaking (PSU).

The NC workers led by senior leader and Ex-MLA Ganderbal  Sheikh Ishfaq Jabbar took out the protest march from the party Headquarter Beehama Ganderbal against the move concerning the J&K Bank,  seeking a rollback of Governor Satya Pal Malik’s decision.

Sheikh Ishfaq said that the decision would badly hamper the functioning of the bank and even ordinary customers would start losing faith in the credibility, integrity and efficiency of the bank.

“Turning J&K Bank into a PSU means not only eroding it’s autonomous character, but laying a roadmap to make it like any other failed PSU. First they attacked our financial autonomy through GST regime and now by turning J&K bank into a PSU Ishfaq added.

“We want the Governor to revoke it. We won’t relent until the order is revoked.”

“When power comes in their hands, things will change,” he said, but added that if the present government does not roll back the order, “an elected government can undo it.”

The bank has been brought under the purview of the Right to Information (RTI) act, the Chief Vigilance Commissioner (CVC) guidelines and the State Legislature.

Established in 1938, the J&K Bank Ltd is the only state government promoted bank in the country, with the Jammu and Kashmir government currently holding 59.3 per cent of the shares.