I am making this appeal out of a deep concern over J&K Bank’s gradual drift away from the interests of the people of Jammu and Kashmir.
I urge all stakeholders across Jammu and Kashmir—including all political parties, civil society groups, intellectuals, lawyers, business organisations, the Chambers of Commerce of valley and Jammu, and all other concerned sections of society—to take note of these developments and come together to protect the interests of this premier institution.
Today, the government is allowing the Bank to move away from the interests of the people of Jammu and Kashmir by:
(1) Reducing its credit growth within the Union Territory while expanding it outside J&K.
(2) Pursuing a proposal that could pave the way for the recruitment of outsiders at the cost of employment opportunities for the youth of J&K.
(3) Providing inadequate representation from Jammu and Kashmir on its Board of Directors.
(4) Attempting to shift the headquarters of this premier institution from Srinagar.
These developments cannot be dismissed as routine administrative matters. They have a direct bearing on the economic interests of the people of Jammu and Kashmir, who have a legitimate stake in the institution and its future.
I, therefore, appeal to all political and social forces to rise above party lines and narrow political interests. This is not an issue concerning any one political party or section of society. It concerns the collective social and economic interests of the people of Jammu and Kashmir.
We must come together before it is too late. Let us join hands to protect the character, identity, and interests of J&K Bank and ensure that this institution continues to prioritise serving the people of Jammu and Kashmir, as it has done for decades.
It is important to remember that the people of Jammu and Kashmir collectively hold more than 52 percent of the shares in J&K Bank. They are, therefore, its principal stakeholders and have a legitimate right to demand that the interests of the institution and its shareholders be protected.
The time has come for all of us to speak with one voice: J&K Bank must remain rooted in Jammu and Kashmir, and its policies must continue to prioritise the interests of the people who have nurtured, supported, and strengthened this institution for generations.
I appeal to all political parties, civil society groups, intellectuals, lawyers, business organisations—including the Chambers of Commerce from the valley and Jammu—and all other concerned sections of society to come together and make their voices heard.
Let us come together, discuss the issue collectively, and formulate a common strategy to ensure that J&K Bank does not drift away from the interests of the people of Jammu and Kashmir.
The time to act is now. We must stand together to protect an institution that belongs to the people of J&K.
Regards,
Syed Mohammad Altaf Bukhari
Former Finance Minster & President, Apni Party, Jammu and Kashmir
