Excelsior Correspondent
SRINAGAR, Feb 25: Expressing serious reservations with regard to hasty declaration of Non Performing Assets (NPAs) by J&K Bank, former Finance Minister Syed Mohammad Altaf Bukhari today urged the Lieutenant Governor, GS Murmu to show some sense of responsibility towards the business community of Jammu and Kashmir who are being unnecessarily harassed and intimidated by the Bank.
In a statement issued here, Bukhari said that Jammu and Kashmir Bank is one of the most iconic institutions of J&K but regrettably, its bureaucratic approach is continuing to plague its’ functioning.
“Sadly the Government of J&K seems to be manipulating the functioning of J&K Bank like running a Government treasury. The Government has forgotten that the Bank needs to be run professionally and all its decisions need to be taken by professionals rather than bureaucrats who disappointingly don’t see a reason to empathize with the shattered economy of this region,” Bukhari remarked.
He said that the Banks across the globe do go for settlements with their clients in their hard and pressing times but unfortunately the J&K Bank has stopped the settlement process with its clients for the last seven months for unknown reasons.
“If the Government is serious in revival of shattered economy of Jammu and Kashmir then it must ask the J&K Bank to go for advances and settlements with its clientele especially the businessmen, traders, manufacturers, industrialists, hoteliers, orchardists, farmers, transporters, houseboat owners, tour and travel operators and all other allied sectors of economy. Or otherwise, the economy of J&K is doomed to collapse which can eventually lead to crumpling of Bank’s existence,” he added.
Bukhari said that being the major shareholder of J&K Bank, the Government here needs to come forward to rescue the functional autonomy of the J&K Bank and safeguard the interests of its clientele for preserving a symbiotic relationship.
He said that instead of instilling confidence among traders and business communities working in hostile conditions, the J&K Bank is being accused of persecution and harassment of its clients. “This harassment is being done in the name of asset possession. The families of borrowers mainly the business community are struggling for their survival and most of them are circumstantial defaulters. The Bank should not treat them as willful defaulters,” Bukhari demanded.
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