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JAMMU & KASHMIR

MAJOR ROW ERUPTS governance in the bank and another mass unrest if the J&K Governor: A man
ensure transparency. “By
measure was not rolled back.
bringing it (J&K Bank) under
She accused the Governor
OVER J&K BANK the ambit of RTI and CVC administration of creating.
will help bring greater trans-
But it was left to the
parency to its functioning,” bank’s employees to carry of controversies
Decision to turn Jammu & Kashmir Bank Malik said.He also accused out the actual fight against
the move. And they contin-
the opponents of the SAC
into a PSU triggers political storm in the state, move as being motivated by ued the protests over several
reports RIYAZ WANI “personal or political inter- days before Governor prom-
ests” in the bank. ised a review of the bank’s New J&K Governor Satya Pal Malik whipped a political storm when he claimed that
But such defence had few accountability to the state politicians had set aside the J&K Bank’s selection of 582 candidates for appointing their
takers in the state.In fact, the legislature. He also said that
former J&K Finance Minister the word ‘PSU’ had no legal political workers, writes MUDASSIR KULOO
Haseeb Drabu questioned connotation. Though this
Governor’s own motivation went a long way to quell the
for the move. “Of course, I simmering resentment, the
have a personal interest in questions still remained as to
J&K Bank. We have emotion- the government’s rationale
al equity in it. Your (gover- to turn the bank into a PSU.
nor’s) decision is against the “As a PSU, the bank will
state’s economic interest, be accountable to the state
and that’s against my politi- legislature, and the Finance
cal interests. Neither is mala Department will be required
fide. Wish one could say the to place the bank’s annual
same about your (governor’s) report before the Assembly.
decisions,” tweeted Drabu, The Governor says that the
who has also been a former word PSU has no legal con-
he Jammu & • Gain pain J&K Bank is the state’s J&K Bank chairman. notations but at the same
Kashmir Bank, only profitable old generation Similarly, the move elic- time the bank is sought to be
the state’s only private sector institution ited strong reactions from designated as one,” wrote a
profitable old Dr Farooq Abdullah and daily. “This is confusing. How
T generation private Mehbooba Mufti. Congress can a company be a PSU and
sector institution, has been a posed to not only make the and Sajad Lone’s People’s not be accountable to legisla-
subject of a charged political bank accountable to state Conference too opposed the ture. If latter is the case why
controversy after the Gover- legislature but also brought move. And later the separa- not also withdraw the PSU
nor-led State Administrative it under the purview of the tists also joined the opposi- tag itself?”
Council (SAC) proposed to Right to Information (RTI) tion, seeing the move egged The controversy may not
turn it into a Public Sector Act and the Chief Vigilance on by central government be resolved anytime soon,
Undertaking (PSU). Major Commissioner (CVC) guide- and designed to undermine even though the Governor’s
political parties like National lines. Established in 1938, “the state’s only profitable assurance to the bank’s
Conference, the PDP and the J&K Bank Ltd is the only institution”. employees has calmed some
the Congress have vocifer- state government promoted “It doesn’t suit the frayed nerves. “The gover-
ously opposed the decision, bank in the country, with the governor administration to nor’s administration needs
so have the civil society and Jammu and Kashmir govern- tinker with our institutions to restrict itself to basic
the bank’s employees. They ment currently holding 59 when a popularly elected governance. No structural
blamed the state govern- per cent of the shares. government is not in place,” changes pertaining to J&K
ment for pursuing a hidden The SAC didn’t explain Abdullah said. “The SAC’s on- Bank are acceptable. Restrict
agenda against the bank much in terms of why the slaught on the prime finan- your energies to what you
and sought an immediate extraordinary measure was cial institution of our state, are mandated to do — which
rollback of the measure. thought to be necessary. the J&K Bank, is done with a incidentally you are not do- • Joining hands Satya Pal Malik’s actions
The government’s move In a belated defence, the malafide intent. I know they ing. Please don’t invent new and statements have united the rival politi-
came out of the blue. In a Governor Satya Pal Malik (central government) have problems,” Sajad Lone said. cal parties of the state
far-reaching decision on said the move was intended always intended to do so”.
November 23, the SAC pro- to strengthen corporate Mehbooba warned of LETTERS@TEHELKA.COM

TEHELKA / 31 DECEMBER 2018 24 WWW.TEHELKA.COM TEHELKA / 31 DECEMBER 2018 25 WWW.TEHELKA.COM

24 Bank Riyaz.indd 3 12/14/2018 9:22:52 PM 25-27 Mudassir Kaloo.indd 1 12/14/2018 9:23:15 PM