Sajad Lone welcomes ‘re-examining’ SAC decision on J&K Bank

Sajad Lone welcomes ‘re-examining’ SAC decision on J&K Bank
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SRINAGAR: Welcoming government’s announcement of re-examining the decision of State Administrative Council (SAC) relating to J&K Bank, Chairman Peoples Conference, Sajad Gani Lone on Tuesday said J&K Bank is a premier financial institution which deserved to be made “totally autonomous” in its decision-making.

In a statement, Sajad Gani Lone said the premier bank has to be made free from any government encumbrances. “In the context of Jammu and Kashmir, J&K Bank is literally the sole lender to the private sector. If government has disproportionate influence over the bank, the political government of the day will get to decide who to lend to and who not to lend to. That virtually puts the private sector at the mercy of the political establishment. And this has suited the two dynasties which have made the J&K Bank the field of a selected elite,” he added.

He said government influence and control of the bank was against the very spirit of entrepreneurship. “If there are any misgivings about recruitment, it is the two dynasties which have done it. So all the better to free it from political control,” he added.