JKSECC rejects ‘vague’ assurance by governor on J&K Bank

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Urges him revoke SAC decision in its ‘entirety’

SRINAGAR: Rejecting the “halfhearted and vague assurances” of the governor to the delegation of bank employees, Jammu and Kashmir Socio Economic Coordination Committee (JKSECC), an amalgam of several business chambers and civil society formations, on Thursday urged Jammu and Kashmir Governor, Satya Prakash Malik to “revoke SAC decision on J&K Bank in its entirety”.

In a meeting of the amalgam, the members of JKSECC said such assurances “in no way” addresses the apprehensions of experts and business community regarding pushing J&K Bank in the direction of government controlled PSUs “which primarily have failed because of political interference and bureaucratic apathy”, an official statement issued here read.

The members said that the very declaration of J&K Bank as a public sector undertaking (PSU) had far reaching implications as “the bank shall lose its autonomous character after becoming subservient to the government as any other PSU”.

“If mere declaration as PSU doesn’t have any legal connotations as stated by the governor then why to declare it so in the first place,” questioned the members. Terming it completely unconstitutional and against the special status of the state and its institutions, the members also objected to bringing the bank under the jurisdiction of central vigilance commission, the statement read further.

The members also questioned the move of bringing of the bank under RTI and said that although the amalgam was desirous of maintaining utmost transparency in the working of the bank, “yet bringing it under the ambit of RTI cannot vaguely be adopted before extensive debate and deliberations with the stakeholders”.

“It would be unethical and breach of trust if the bank reveals the savings or borrowings deposited in or obtained from the bank by individuals or business enterprises to any Tom, dick and Hary, the members said, adding that it, therefore, becomes necessary to declare beforehand the areas and contours coming under such act.

“In any case, this policy decision should be taken by the political government and not by the governor administration that is temporarily there to address the day-to-day affairs of the administration,” they added.