Afaq Bhat
Srinagar, June 8: Yet another alleged loan scam in Jammu and Kashmir Bank has put a question mark on the credibility of the Bank.
It’s in place to mention here the J&K spokesman of Bharatiya Janata Party, Altaf Thakur, has alleged that a whopping Rs 5 crore loan was sanctioned in favour of a wife of a former MLA, without seeking any mortgage or guarantor from her which was against the violation of loan rules. “The loanee had no business unit or a genuine case to seek such a huge amount for loan,” the BJP leader claimed.
An analyst while talking to Precious Kashmir said, “The allegations leveled by the BJP leader are of very serious nature and these cannot be ignored. The Anti-Corruption-Bureau (ACB) needs to look into the accusations which have come to fore.”
He said, “As the skeletons are tumbling out it seems that J&K Bank in the recent past had developed the habit of offering special concessions to politicians and their family members. Son one of the former National Conference ministers was booked by the ACB in a massive loan fraud case. Now, another allegation involving a politician’s wife has come to fore.”
The analyst said, “If a common man has to approach the J&K Bank he has to complete many formalities before seeking a loan. To get a housing loan a person has to mortgage his property and has to keep guarantors. But rules being altered for the influential people has opened a Pandora’s Box.”
An observer said, “Since the fall of PDP led coalition government in 2018, the scams, including the J&K Bank recruitment scam, has shocked everyone. The Bank during all these years had emerged as one of the most important institutions in Jammu and Kashmir. It being in news for one or other wrong reason for the past more than a year now has hurt everyone, especially the loyal customers of the bank who have always stood by it.”
“During the past one year the Bank has seen some transitions but it has not been able to restore the confidence of the people. The revelations which have come to fore during the past few months have not gone well with the J&K Bank clients. There were speculations that a few people also pulled out their money from the J&K Bank and moved to other banks. The top management of the Bank needs to come clear on the issues which have put a question mark on the credibility of the one of the oldest institutions in Jammu and Kashmir. If it remains silent it would indicate that all is not well within the bank,” the observer added.
