2 days ago
Bukhari Questions J&K Bank’s Lending, Recruitment and Headquarters
Syed Altaf Bukhari criticized J&K Bank and said it may not be helping Jammu and Kashmir enough.
He pointed to a difference in lending growth inside and outside the Union Territory.
He said lending grew by 9% locally but nearly 30% elsewhere.
Bukhari argued that this was unfair to people and businesses in the region.
He also questioned whether people from outside the region were getting some bank jobs.
He said Kashmiri employees may feel more connected to the bank.
He criticized the board for having very little Kashmiri representation.
He also warned that moving the headquarters from Srinagar would hurt people’s feelings.
Bukhari said the Jammu and Kashmir government, as the majority shareholder, should respond.
Apni Party president Syed Altaf Bukhari criticized J&K Bank’s regional lending, recruitment and board composition.
He said credit growth in Jammu and Kashmir was 9%, compared with nearly 30% lending growth outside the Union Territory.
Bukhari alleged that local lending was being restricted despite higher non-performing assets in Kashmir.
He claimed non-domiciles were being recruited for jobs outside Jammu and Kashmir and called for greater local representation.
Bukhari also alleged that the bank’s headquarters could be shifted from Srinagar, urging the government to protect the institution’s regional role.
- Who
- Syed Altaf Bukhari, president of the Apni Party and former Jammu and Kashmir finance minister, criticized J&K Bank.
- What
- He alleged that the bank was reducing lending in Jammu and Kashmir, using skewed recruitment and board representation, and possibly considering a headquarters shift.
- Where
- The remarks concerned J&K Bank’s operations in Jammu and Kashmir, lending elsewhere in India, and its headquarters in Srinagar.
- When
- The article does not specify when the remarks were made.
- Why
- Bukhari said the bank should better serve Jammu and Kashmir and preserve local representation and accountability.
Key facts
- Speaker
- Syed Altaf Bukhari, Apni Party president and former Jammu and Kashmir finance minister
- Local credit growth
- 9% in Jammu and Kashmir, according to Bukhari
- Credit growth outside the Union Territory
- Nearly 30%, according to Bukhari
- Board representation
- Bukhari claimed only one of 13–16 board members represented Kashmir
- Headquarters allegation
- Bukhari alleged that efforts might be underway to move the headquarters from Srinagar
- Government ownership
- Bukhari said the Jammu and Kashmir government is the bank’s majority shareholder
- Relevant portfolio
- Chief Minister Omar Abdullah also holds the finance portfolio
Quotes
Syed Altaf Bukhari
Apni Party president and former Jammu & Kashmir finance minister
“When the children of J&K work in J&K, they have an emotional connection that it is their own bank. That is why they try to make a profit. Because it is our own bank.”
republicworld.com
“This means J&K Bank has pulled its hand somewhere. Lending in J&K has been shut down and lending in the rest of the country is increasing. This is a problem for us.”
republicworld.com
Sources
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