ZT News Network

Srinagar, Nov 29: Industrialists Association of Khunmoh (IAK) demanded roll back of SAC decision on J&K bank treating it as other public sector undertaking.

In a statement to Ziraat Times, IAK has stated that since its inception in 1938 the bank enjoyed its economic freedom and attain important position in the society of J&K with its hard work, honesty and integrity adds value to the people of Jammu & Kashmir and supports native industries of J&K.

“J&K bank is the main institution providing financial support to industries, downgrading it to PSU is a bad decision. Model proposed by Government of India for treating J&K bank as PSU is a failure model as out of 21 PSU in India 17 are loss making, what the government of India wanted to prove by adopting this model. Central government wanted to induce central bureaucracy in the Bank,” reads the statement.

It further adds that J&K bank is the only bank owned by its state which is a special privilege to this state by making it PSU it is a simple erosion of economic freedom and special status of Kashmir