Srinagar, Aug 31: Apni Party president and former J&K finance minister Altaf Bukhari on Monday questioned Jammu and Kashmir Bank’s lending pattern, recruitment policy and board composition, while also alleging that efforts are being made to shift the bank’s headquarters from Srinagar.
Addressing a press conference here, Bukhari described J&K Bank as “a jewel in the crown” and said it played an important role in the economic development of J&K.
“I have been the finance minister of J&K. I am saddened to see the results,” Bukhari said, referring to the bank’s credit growth being higher in outside J&K.
“9% credit growth for J&K Bank in Kashmir and 30% in the rest of the country,” he said.
Bukhari alleged that the difference showed that the bank was reducing its lending in J&K while expanding its lending operations outside the region.
“This means that J&K Bank has pulled its hand somewhere. Lending in J&K has been shut down and lending in the rest of the country is increasing. This is a problem for us,” he said.
Bukhari’s remarks came after Greater Kashmir had earlier reported that J&K Bank recorded around 9 per cent credit growth in J&K, compared with around 30 per cent in the rest of the country.
He also questioned why lending in Kashmir was being reduced. “As a finance minister, I know that the NPA of J&K Bank is 4-5 times higher than lending in Kashmir,” Bukhari said.
“This is why I don’t understand why the lending in Kashmir has to be reduced and why the lending in the rest of the country has to be increased,” he added.
Bukhari also linked his concerns to the ownership of the bank, pointing out that the J&K government is its majority shareholder.
“J&K Bank is the bank of the J&K government. We are the majority shareholder,” he said.
He also pointed out that Chief Minister Omar Abdullah holds the finance portfolio in the government. “The government of J&K is headed by Mr. Umar Abdullah. He is the finance minister and it is responsibility to set the record straigth,” Bukhari said.
Bukhari also raised concerns over recruitment by J&K Bank outside the Union Territory, saying the bank had traditionally provided employment opportunities to the youth of J&K.
He alleged that recruitment outside J&K was now being carried out locally in those areas. “I am aware that the recruitment outside J&K, where non-domiciles are recruited,” Bukhari said.
Bukhari said employees from J&K had a particular emotional connection with the bank. “When the children of J&K work in J&K, they have an emotional connection that it is their own bank,” he said.
“That is why they try to make a profit. Because it is our own bank,” he added.
“When there is someone from outside, what will he be worried about? He will not be worried at all,” Bukhari said.
Bukhari also questioned the composition of J&K Bank’s board of directors, alleging that it does not adequately represent Kashmir.
“Thirdly, the Board of Directors does not represent Kashmir,” he said. “The majority of people are from outside J&K. What kind of justice is this?” he asked. “It has been two years since the J&K government was elected,” Bukhari said. “If there is a board of 13, 14, 15 or 16 people, even those 5 people are not from J&K or Kashmir. As far as I know, there is only one representative from Kashmir,” he alleged.
He demanded immediate clarification on the issue. “If this is being done in a planned manner, then also it is a problem for us,” Bukhari said. “I want it to be clarified immediately. And if it is being done, it should be stopped.”
Bukhari then raised what he described as “another scary news” concerning the bank’s headquarters. “That J&K Bank’s headquarters is being shifted from Srinagar,” he alleged. “I do not know whether these people are living in heaven or on the ground,” Bukhari said.
“Maybe they are not aware of the ground realities. They do not understand that emotions can be played to an extent, but not after that,” he added.
Bukhari appealed to the J&K government and anyone associated with the alleged proposal to intervene.
“So, I humbly request the J&K government and whoever is associated with this, to stop these suicide attacks,” he said. “Because this will not be good for J&K,” Bukhari added.
