Examiner Bureau | Srinagar:
Apni Party president and former Jammu and Kashmir Finance Minister Altaf Bukhari on Monday raised a series of questions over the lending pattern, recruitment policy and board composition of Jammu and Kashmir Bank, while also alleging that there are efforts to shift the bank’s headquarters from Srinagar.
Addressing a press conference, Bukhari described J&K Bank as a “jewel in the crown” of Jammu and Kashmir and stressed its importance to the region’s economic development. He expressed concern over what he described as a significant difference in the bank’s credit growth inside and outside the Union Territory.
“I have been the finance minister of J&K. I am saddened to see the results,” Bukhari said, referring to the reported credit growth figures.
Bukhari claimed that J&K Bank’s credit growth in J&K stood at around 9 per cent, compared with nearly 30 per cent in the rest of the country.
“9 per cent credit growth for J&K Bank in Kashmir and 30 per cent in the rest of the country,” he said.
He argued that the disparity suggested that the bank was reducing its lending operations within J&K while expanding business elsewhere.
“This means that 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,” Bukhari said.
Referring to the bank’s non-performing assets, he questioned the rationale behind reducing lending in Kashmir.
“As a finance minister, I know that the NPA of J&K Bank is four to five times higher than lending in Kashmir,” he said, adding that he did not understand why lending within J&K should be reduced while operations elsewhere were being expanded.
Bukhari also highlighted the ownership structure of J&K Bank, pointing out that the Jammu and Kashmir Government is its majority shareholder.
“J&K Bank is the bank of the J&K government. We are the majority shareholder,” he said.
He called upon Chief Minister Omar Abdullah, who also holds the Finance portfolio, to clarify the government’s position on the issues he had raised.
“The government of J&K is headed by Mr Omar Abdullah. He is the finance minister and it is his responsibility to set the record straight,” Bukhari said.
The Apni Party chief also questioned the bank’s recruitment practices, particularly recruitment outside Jammu and Kashmir.
He alleged that non-domiciles were being recruited for positions outside the Union Territory and said the policy could affect employment opportunities traditionally available to the youth of J&K.
Bukhari argued that local employees had a stronger emotional connection with the institution and its economic role in the region.
“When the children of J&K work in J&K, they have an emotional connection that it is their own bank,” he said.
He maintained that local employment in the banking sector was important not only from an economic perspective but also for maintaining a sense of ownership and responsibility towards the institution.
Bukhari also raised concerns over the composition of the J&K Bank board, alleging that Kashmir was inadequately represented.
“Thirdly, the Board of Directors does not represent Kashmir,” he said, questioning the presence of what he described as a majority of members from outside J&K.
He claimed that despite the elected government completing two years, representation from Kashmir on the board remained limited.
“If there is a board of 13, 14, 15 or 16 people, even those five people are not from J&K or Kashmir. As far as I know, there is only one representative from Kashmir,” he alleged.
Bukhari demanded an immediate clarification from the government and the bank, saying that any deliberate attempt to alter the institution’s character or regional representation would be a matter of concern.
Bukhari also made a serious allegation that efforts were underway to shift the headquarters of J&K Bank from Srinagar.
“That J&K Bank’s headquarters is being shifted from Srinagar,” he alleged, describing the development as a matter of serious concern.
He appealed to the J&K Government and all those associated with any such proposal to intervene and prevent what he termed a move detrimental to the interests of the Union Territory.
“I humbly request the J&K government and whoever is associated with this, to stop these suicide attacks,” Bukhari said.
“Because this will not be good for J&K,” he added.
Bukhari’s remarks are likely to trigger further debate over the future direction of J&K Bank, particularly its lending priorities, employment policies, governance structure and institutional presence in Jammu and Kashmir.
