Lone welcomes re-examining of SAC decision on J&K Bank

‘Premier financial institution has to be made free from any political control’

Srinagar: Welcoming the announcement of re-examining the decision of State Administrative Council about J&K Bank, Chairman Peoples Conference, Sajad Gani Lone on Tuesday said the Bank is a premier financial institution which deserves to be made totally autonomous in its decision -making.
In a statement issued here, Lone said the bank has to be made free from any government encumbrances. “In the context of Jammu and Kashmir, J&K Bank is literally the sole lender to the private sector. If government has disproportionate influence over the Bank, the political government of the day will get to decide who to lend to and who not to lend to,” statement quoting Lone said.
He said that it “virtually puts the private sector at the mercy of the political establishment. And this has suited the two dynasties which have made the J&K Bank the field of selected elite”.
He said the government influence and control of the Bank is against the very spirit of entrepreneurship. “If there are any misgivings about recruitment, it is the two dynasties which have done it. So all the better to free it from political control,” he said.