JK Bank must respond on bad loans: Soz

Excelsior Correspondent
SRINAGAR, Feb 23:  While commenting on the operational evaluation of the J&K Bank, former Union Minister and veteran Congress leader Saifuddin Soz today said that bank must respond on the bad loans.
In a press statement here the Congress leader said, “  The views I have expressed herein do not, in any way, carry a reflection on the working of the present administration of the bank. But I think,  it is an opportune time for the bank itself to make a serious effort to remove apprehensions in the minds of the people.”
“The first issue relates to asking the bank to answer queries raised as per the RTI Act. The bank has taken a wrong position both with the public as also with the J&K High Court that the RTI Act doesn’t apply to it,” Soz maintained.
“I have satisfied myself that the J&K Bank can’t take this position under the law. There is already a comprehensive judgment on this issue from the J&K Information Commission. It is not in the interest of the bank itself to feel comfortable with a Single Bench judgment granting a stay, years ago, in respect of application of the RTI Act. Today or tomorrow the stay granted by the J&K High Court will be vacated by the court itself,” Soz added.
He said the next burning issue for the bank should be to take the people of J&K State into confidence on the volume of bad loans. “ The bank should realize that it is the tax payers’ money that must have got locked up and the people are entitled to know early the magnitude of this disaster,” Soz said.