Kashmir Impulse Desk
Srinagar, Aug 31
Apni Party President Altaf Bukhari on Monday questioned J&K Bank’s lending strategy, recruitment policy and board composition and raised concerns over a reported plan to shift its headquarters from Srinagar.
Bukhari said credit growth in J&K was 9 percent, compared with about 30 percent outside the region.
He said the bank’s non-performing assets on lending outside J&K were four to five times higher than those on lending within the union territory.
Bukhari questioned the decision to reduce lending in J&K while increasing lending elsewhere.
He also said the bank had changed its recruitment policy outside J&K and would hire local people for its operations outside the union territory.
Bukhari said this could reduce employment opportunities for people from J&K.
He questioned the composition of the bank’s board, saying representation from Kashmir was limited.
Bukhari also raised concerns over reports of an attempt to shift the bank’s headquarters from Srinagar and urged the J&K government and bank authorities not to proceed with such a move.
He said the J&K government held 52.6 percent of the bank’s shares and therefore had responsibility as the majority shareholder.
Bukhari said he was not defending previous governments but could raise questions about past balance sheets and treatment of accounts if required. He declined to name individual accounts, citing concern over the effect on the bank’s share price and investor confidence.
