JAMMU: Stating that over Rs 500 crore given to the Jammu and Kashmir Bank was not a “bailout package” but a capital, the State Government today said that there will be no breach of the autonomy of the bank.
“Whatever credibility I have in this House and elsewhere, I would like to assure you that there shall be no breach of the autonomy of the J&K Bank. The Rs 580 crore should not be seen as a bailout but a necessity, a capital has been provided (to the bank),” State Finance Minister Haseeb Drabu said while replying to the budget debate in the Legislative Assembly.
He said in the past five years the bank has given a dividend of Rs 502 crore to the State Government and the Government has now infused the capital in the bank as it was under stress. (AGENCIES)