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Who's afraid of a PSU

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J&K Governor SP Malik’s recent administrative decision, of treating Jammu and Kashmir Bank (J&K Bank) Ltd as a public sector unit (PSU) and making it more accountable, has divided Kashmir into the proverbial haves and have-nots.

While the common people have largely welcomed the much-needed push for accountability, Kashmir’s “powerful and the mighty”, including politicians and some businessmen, are up in arms.

By virtue of the orders approved by the State Administrative Council (SAC) under the chairmanship of the Governor, the bank has been brought under the ambit of Right to Information Act (RTI), the Chief Vigilance Commissioner (CVC) guidelines and the state legislature.

The State Administrative Council under Malik’s chairmanship took the decision on November 22. (Photo: PTI/File)

The development has taken place exactly when the previous Peoples Democratic Party-led government under Mehbooba Mufti has reportedly been accused of irregularly appointing over 2,000 undeserving candidates in the bank, besides recommending bank loans worth crores to her favourites, including a Chennai based brother-in-law, against disproportionate mortgage.

Thus, the PDP has reacted against the Raj Bhawan orders for apparently obvious reasons.

Apart from issuing statements and staging protests, the PDP president personally spoke to union Finance Minister Arun Jaitley, seeking immediate revocation of the orders.

Spoke with @arunjaitley ji about the intrusive and regressive move to declare J&K Bank as a PSU. This decision will add to the woes of the state and alienate them further. The FinMin assured that the government will reexamine the matter.

— Mehbooba Mufti........

© DailyO