NC surrenders JK Bank: Mehbooba

Srinagar, January 22 (Scoop News) – Peoples Democratic Party (PDP) president Mehbooba Mufti today said that NC’s political history can hardly boast anything by way of institution building, but JK Bank was perhaps the only prime institution that professionals from the state developed and could be proud of. Not only would the viability and growth prospects of the bank be restricted by this decision, she said there was no doubt that state’s financial position would be massively compromised.

Mehbooba while reacting sharply to the exclusion of J&K Bank as bankers to the state government, handing the general banking business and conceding debt management of the state to Reserve Bank of India (RBI),said this is the latest and most lethal nail in the coffin of state’s autonomy by National Conference.

In a statement,she said the decision removes the last fig leaf that the ruling party tried to cover its real intentions and duplicity with.

She said the decision is an enslaving mechanism for the state government that is already reeling under the economic deprivation and begging bowl syndrome caused by the sell out of resources by successive NC governments. “J&K Bank is not only a flagship financial institution of the state but it represents the ability of our professionals to script great success story” she said expressing her apprehensions that the new arrangement could be the first step towards its liquidation as a state owned company.

 The PDP president said while NC’s Autonomy resolution never made its way out of the then ally L K Advani’s shredder, on ground the party seems to be doing everything to further surrender whatever had remained of it. That becomes evident from the clear RBI statement that the decision was taken at the request of the state government.  

Mehbooba said intellectual capital, natural resources, fiscal stability and freedom are the essences of any self respecting people. NC in line with its heritage continues to uproot these cornerstones, be it by way of chronology or dynasty. The decision about J&K Bank is reminiscent of the surrender of rights over water resources in 1952 to New Delhi and the right of state legislature to amend its own constitution in July 1975 immediately after Sheikh Mohammad Abdullah came back to power as a price for it.

Mehbooba said while the historic u turns and lack of vision of the NC ensured intellectual growth was stunted Farooq Abdullah settled the natural resources debate forever by handing over the most feasible power projects to NHPC. And now Omar seems to be dedicated to give up the remaining, she added fearing the banking changeover could prove a huge setback to the state in terms of achieving self sufficiency and economic self sufficiency.

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