‘Having bartered Autonomy, water resources, NC now trading JK’s institutions’
SRINAGAR: Expressing grave concern over the ‘shady dealings’ in Jammu and Kashmir Bank, senior PDP leader and former Finance Minister, Tariq Hameed Karra Monday demanded a White Paper on the operations of the State’s premier financial institution.
“The worrying reports appearing in a section of the press over the past few days regarding the messy state of financial affairs in the J&K Bank have set the alarm bells ringing and the people have the right to know what is going on inside the Bank,” Karra said in a statement issued here today.
He said the bank “touched everybody’s skin” in Jammu and Kashmir and thus the government and the Bank authorities must come clean on the reports of manipulating profits, massive discrimination in deposits and advances within and outside.
“The most disturbing fact that has come to fore in latest newspaper reports is how blatantly J&K Bank is gifting the hard-earned money of the people of the state to the influential business houses outside at throw-away interest rates while the hapless borrowers here are being charged cumbrous interest rates on advances,” Karra said.
He added that as per reports out of the Bank’s total deposits of Rs 39,681 crore from the state, the advances in Jammu and Kashmir stand only at Rs 16,940 crore.
“While against Rs 18,920 crore deposits from outside the State, the Bank’s advances there are a whopping Rs 23,294 crore,” he said.
He said as per the figures released by the Bank in Q1 results, the bank is earning 75% of its gross profits from within the State, while only 25% comes from outside.
“The people have the right to know what is the status of various huge advances made by J&K Bank outside the State including around Rs 100 crore loan given by the Bank to Vijay Mallya’s bankrupt Kingfisher Group, JP Industries, Alok Industries and scores of other such groups from outside the State,” he said.
He accused the ruling National Conference party of bartering the state’s interests for power.
“It is the responsibility of the Government and the Bank authorities to come clean with a White Paper on the issue, sooner the better,” he said.
