Scarp decision of turning JK Bank into PSU: PDP

Srinagar: Peoples Democratic Party (PDP) on Tuesday asked the governor administration to immediately roll back its decision of turning Jammu and Kashmir Bank into a Public Sector Undertaking.
In a statement issued here, party’s Srinagar District president and senior leader Mohammad Khurshid Alam questioned the decision of taking away the autonomy of JK’s premier financial institution, stating that such action is fraught with the dangerous consequences and will push the state into deeper financial crises in the coming time.
He added that the direct intervention into the state’s vital institutions is a direct assault on its integrity and attempts are being made to tinker with the basic characters of the state’s special status.
Alam said that the state is being pushed to the precipice of a disaster and it the decision related to the Jammu and Kashmir Bank isn’t rolled back, it will prove calamitous to state’s future. “One must ask what purpose will it serve to take away the autonomy of the JK Bank. Will it benefit the masses in any way. The only difference it will make is that from a premier financial institution, it will turn into a cubicle of the finance department with state government calls shots and siting behind its steering wheel,” Alam said.
He added that the PDP has always been pitching for the protection of the state’s special status and will not leave any stone unturned to safeguard its integrity and unique position.
The PDP leader said that the Governor administration in any way is not mandated to take the decisions which have far reaching consequences and that this right is accorded to the elected governments by the people in a democratic set up.