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Withdraw PSU order or face agitation, KEA tells Guv

Srinagar, Nov 25: Kashmir Economic Alliance Chairman, Mohammad Yaseen Khan Sunday asked J&K Governor Satya Pal Malik to withdraw the decision of turning J&K Bank into Public Sector Undertaking (PSU).

“There are already many PSUs like JK State Financial Corporation (SFC), SIDCO, JKSRTC, JK Industries and many others present in state of J&K. Some of these PSUs are financial institutions like JKSFC and SIDCO whose role in the development has been minimal and are on the verge of extinction. These PSUs have eroded the entire capital provided to them by state Government.”

Khan who also head Kashmir Traders and Manufacturers Federation (KTMF) said: “Besides being a burden on the state government exchequer these PSUs have been provided a budgetary support every year despite of the fact they have incurred heavy losses till date.”

“Almost all of them have got rid of their employees by the virtue of different schemes like Voluntary Retirement (VRS), Golden Handshake etc and many of them have sold their assets like land and building to clear them of their liabilities,” Khan added.

On the contrary, Khan said, J&K Bank was created during the Maharaja’s rule with the “main objective” of the development of state of Jammu & Kashmir.

“J&K Bank has remained an autonomous financial institution as a result of which it has the distinction of being the largest and profitable institution of the state. Also it is the second largest employer of the state after the government of J&K itself,” Khan said.

He added that they were left with no choice but mobilising public opinion and hitting the roads against such “disastrous and adverse decisions of the SAC”.

“Unless the order is not rolled back immediately we will be forced to call for a state wide agitation,” he said.