ZT  News Network

Srinagar, Nov 26: An emergency executive meeting of the J&K Bank Officers’ Forum was held today at Srinagar under chairmanship of Forum Chairman  Javed Ahmed Bhat, according to a press statement received by Ziraat Times. 

The meeting discussed the emerging banking scenario in the state of Jammu and Kashmir in special context of the State Administrative council decision with regard to state owned bank – the J&K Bank. The meeting unanimously passed following resolution to express its viewpoint on the matter, the statement furthers reads:

“The banking space in the state of Jammu and Kashmir is occupied by various entities but dominantly covered by the state owned J&K Bank which has immensely contributed to socio economic development of this state. This banking company incorporated under Indian companies Act 1956 now replaced by Companies amendment Act 2013 is under pervasive control of state government working in the realms of Banking Regulation Act 1949. Besides this company is under regulatory supervision of various Indian Govt created regulators RBI, SEBI, ROC. This Bank is subject to audit of CAG of India as applicable to other public sector banks in India. However the forum is concerned about granting of PSU status to the Bank and it feels that same is being done with ulterior motives to have a direct control over day to day affairs of the bank so as to reap the electoral benefits by vested political interests. The forum reiterates its assertion that J&K bank is a state owned banking company having pervasive control of state Govt of J&K through its appointed board of directors and no change in status of the bank is needed for its efficient working.”