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JKSECC rejects vague assurance by Governor on J&K Bank

Urges him to revoke SAC decision in its entirety


Srinagar, Dec 06 (KNS): Jammu and Kashmir Socio Economic Coordination Committee (JKSECC), an amalgam of several business chambers and civil society formations, has urged upon the Governor Satya Prakash Malik to revoke SAC decision on J&K Bank in its entirety if he has any respect to the sentiments of the majority of people here.
In a meeting of the amalgam, the members of JKSECC rejected the halfhearted and vague assurances of the Governor given to the delegation of bank employees that in no way addresses the apprehensions of experts and business community regarding pushing this great asset of people in the direction of government controlled PSUs which primarily have failed because of political interference and bureaucratic apathy.
The members said that the very declaration of J&K Bank as a public sector undertaking has far reaching implications as the bank shall loose 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. The members also objected to bringing the bank under the jurisdiction of central vigilance commission terming it completely unconstitutional and against the special status of the state and its institutions.
The members also questioned the move of bringing of the bank under RTI and said that although the amalgam is 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 observed, 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.
JKSECC has hoped that Governor will not make revocation of SAC decision regarding the bank as his prestige and will end the confrontation with majority of people who have valid reasons to doubt this move. (KNS)