“Banks are not charitable but financial institutions run on the guidelines of the Reserve Bank Of India (RBI) issued by it from time to time.”
With Prime Minister Narendra Modi making a sensational revealation about the exploitation of Jammu & Kashmir Bank by the successive popular Governments of erstwhile Jammu & Kashmir state there remains almost nothing for the former Chief Ministers to contest the statement of the Prime Minister about the political exploitation of the Jammu & Kashmir Bank. What matters the most is the fact that uproars and pandemoniums witnessed several times in the erstwhile Jammu & Kashmir assembly during the reigns of erstwhile popular governments over backdoor appointments in Jammu & Kashmir Bank fully endorse the statement of Prime Minister Narendra Modi about political exploitation of Jammu & Kashmir Bank by successive popular Governments of erstwhile Jammu & Kashmir state. While the fact remains that banks are not charitable but financial institutions run on the guidelines of the Reserve Bank Of India (RBI) issued by it from time to time, the Jammu & Kashmir Bank during the reigns of successive popular governments of erstwhile Jammu & Kashmir state always remained in news over backdoor appointments and recovery of loans from the businessmen who had turned defaulters. It is an irrefutable fact the political parties in power had set a precedence of facilitating appointments of the relatives and friends of their party functionaries in violation of prescribed recruitment rules in Jammu & Kashmir Bank just to build their party cadres. Unfortunately the political parties had developed a common interest in burying the allegations of frauds in recruitments in Jammu & Kashmir Bank and not even a single former Chief Minister never ever bothered to look into financial and institutional working of the bank.
“During last more than four years the incumbent Jammu & Kashmir Government has undoubtedly freed Jammu & Kashmir Bank from the control of regional political parties but fresh recruitments amid reports of understaffing in most of the bank branches is overdue and deserves immediate attention of both the Prime Minister Narendra Modi and as well as Lt Governor Manoj Sinha . Recovery of loans from the operators of the Non Performing Accounts (NPAs) most of most whom have plunged into politics and fresh recruitments through a transparent recruitment process deserves immediate attention and intervention of the Government.”
The Jammu & Kashmir Bank has unfortunately a long history of bad loans and still there is a long list of Non Performing Accounts (NPAs) but investigations against the operators of such Non Performing Accounts (NPAs) are in progress and recovery of loans from the defaulters is being monitored by the top brass of the bank with greater sensitivity and seriousness. Not less three two former Chairmen of Jammu & Kashmir Bank are facing trial in Jammu & Kashmir Anti-Corruption Bureau (J&K ACB). Notably one former Chairman of Jammu & Kashmir Bank virtually took political asylum by joining a regional political party after several months of detention two years ago. During last more than four years the incumbent Jammu & Kashmir Government has undoubtedly freed Jammu & Kashmir Bank from the control of regional political parties but fresh recruitments amid reports of understaffing in most of the bank branches is overdue and deserves immediate attention of both the Prime Minister Narendra Modi and as well as Lt Governor Manoj Sinha . Recovery of loans from the operators of the Non Performing Accounts (NPAs) most of most whom have plunged into politics and fresh recruitments through a transparent recruitment process deserves immediate attention and intervention of the Government.
