Srinagar- Apni Party president and former Finance Minister Syed Muhammad Altaf Bukhari on Monday questioned the functioning of Jammu and Kashmir Bank, raising concerns over its lending pattern, recruitment policy, Board composition and reports of a possible relocation of its headquarters from Srinagar.
Addressing a press conference in Srinagar, Bukhari said any move to shift the bank’s headquarters from Srinagar would have implications beyond its administrative functioning and could affect its institutional connection with Jammu and Kashmir.
He sought clarity from the Jammu and Kashmir Government over the reported proposal, pointing out that the government remains the bank’s largest shareholder with around 52 per cent stake.
Bukhari also questioned the bank’s lending pattern, claiming that credit growth in Kashmir was around nine per cent compared with nearly 20 per cent outside Jammu and Kashmir.
He said the figures raised questions over whether the bank was increasingly directing its lending activity away from its traditional market in the Union Territory.
Drawing on his experience as Finance Minister, Bukhari questioned the rationale for lower lending in Jammu and Kashmir when, according to him, non-performing assets were higher outside the region.
He said the government should examine the bank’s lending pattern and ensure that it continues to play a meaningful role in supporting businesses and economic activity within Jammu and Kashmir.
The Apni Party chief also raised concerns over an alleged proposal to change the recruitment pattern for positions outside Jammu and Kashmir.
He said recruitment to branches operating outside the region had traditionally provided employment opportunities to candidates from Jammu and Kashmir, except where local recruitment was required because of language considerations.
Bukhari warned that any significant change in the practice could reduce employment opportunities for young people from Jammu and Kashmir.
He also questioned the present composition of the J&K Bank Board, alleging that representation from Jammu and Kashmir had become inadequate compared with the number of directors from outside the region.
Seeking an explanation from the government, Bukhari said the issue was particularly important given its substantial ownership in the bank.
He held the Jammu and Kashmir Government responsible for what he described as the situation surrounding the bank and called for immediate clarification on the issues.
Bukhari said the government should make its position clear on the bank’s lending strategy, recruitment practices, Board representation and the reported headquarters proposal rather than allowing uncertainty to persist.
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