SAC decision about J&K Bank 2nd attack on fiscal autonomy after GST extension: Hakeem Yaseen

Srinagar, Nov 27: Chairman PDF Hakeem Yaseen has demanded immediate revocation of SAC decision about reducing J&K Bank into a PSU.
In a statement, Hakeem Yaseen said one fails to understand what was the urgency to fiddle with the autonomous character of the J&K Bank when its overall performance has been quite satisfactory. He said the SAC decision would open possibilities of political interference in the functioning of J&K Bank which has been rendering a significant role in the economic and social development of the State. He said though bringing the Bank under RTI will help to bring more transparency in its working, its autonomous character needed to be preserved at all costs.
Hakeem Yaseen said that the way Governor administration has decided to reduce autonomy of the J&K Bank, it has created apprehensions in the minds of general masses that conspiracies are being hatched to erode financial autonomy of the state. “Economic experts and business community too have expressed their apprehensions against evil designs of the SAC on. J&K Bank,” Hakeem Yaseen said while demanding its revocation without any delay.
He said SAC decision to reduce J&K Bank into a PSU is seen as another step to target fiscal autonomy of the state after extending controversial GST law by the ex PDP-BJP coalition Government despite stiff opposition by one and all.
Hakeem Yaseen said need of the hour was to act against those Banking institutions working in the state whose performance was too poor as against
J&K Bank. “Overall performance of J&K Bank has been satisfactory as it is contributing 65% to the overall credit growth as against 35% put in by other banks and financial institutions operative in the state,” Hakeem Yaseen said adding that J&K Bank has been providing much needed financial support to people whenever needed. (KNS)