20 October, 2020

Governor Stirs Controversy Over Decision To Turn J&K Bank Into PSU

Governor stirs a hornet’s nest over J&K Bank, leading to protests and then a step back

Saying No
A protest by All India J&K Bank Officers Federation
Photograph by PTI
Governor Stirs Controversy Over Decision To Turn J&K Bank Into PSU
outlookindia.com
2018-12-07T10:32:43+05:30

A huge banner outside the main gate of the J&K Bank headquarters in Srinagar reads: “Honour the sentiments of people and stop (playing) politics. Rollback SAC decision.” It has been put up by the All India Jammu and Kashmir Bank Officers Federation, which is asking the government to rev­oke the State Advisory Council’s (SAC) November 22 decision to treat the J&K Bank Limited as a public sector undertaking (PSU). The SAC meeting was chaired by governor Satya Pal Malik and the decision was taken without consulting the bank’s board of directors, which include five independent directors, a state government nominee and an RBI nominee.

The move has created a political storm with all regional parties and trade bodies across J&K insisting that the governor revoke the order. Raising concern over “politicising the autonomy of J&K Bank”, the Jammu Chamber of Commerce and Industry as well as the Kashmir Chamber of Commerce and Industry have asked the governor to review the decision.

Inside the bank’s corporate HQ,...

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