Bukhari referred to J&K Bank as “jewel in the crown” which he said has been “insensitively ignored” by the Omar Abdullah led National Conference government.
“I have been the finance minister of J&K and I am privy to certain things. Despite the government being a majority stakeholder their focus has shifted. The current government of J&K is unmoved, insensitive and cold towards the bank. Omar Abdullah is finance minister and majority stakeholder. They are 100 percent responsible for what is happening in the bank,” said Bukhari, who has served as finance minister in the BJP-PDP government in the erstwhile state of J&K between 2015-2018. He floated the J&K Apni Party in March 2020.
“I am not here to justify what the past governments have done. I am here to talk about what is happening at present. I can talk about the balance sheet of the last four years. We can ask why less profits were shown in earlier balance sheets and why has it increased suddenly after 2021,” said Bukhari. He further stated that he won’t talk about it right now. “I can discuss their balance sheet and how at a particular time certain accounts were clubbed as NPAs and doubtful and the same accounts are now shown in profit. I don’t want to impact shares of J&K adversely.”
The former minister said that credit growth in Kashmir has increased by just nine percent while the credit growth in the rest of the country has increased by 30 percent. “J&K bank has stopped lending in Kashmir and this is a matter of concern for us. NPAs outside J&K are four to five times more than in Kashmir and I don’t understand the business decision of lending more money outside than here,” said Bukhari.
He also expressed fears that the recruitments in the branches outside J&K will be done in the respective states and UTs that would snatch scarcely available job opportunities from the youngsters of the region. “If our youngsters who have an emotional connection with this bank are barred from these jobs what will they do?” he asked. He also raised the issue of representation of the people of J&K in the Board of Directors of the bank.
“The majority of people in the board of directors are from outside J&K. In the last two years of elected government they couldn’t find four or five people from here who could be part of the board of directors. If this is not happening under a conspiracy let the bank issue clarification or address the issue,” said Bukhari. The Apni Party chief also stated that he has heard the “reports of shifting J&K headquarters from Srinagar.”
“I heard J&K is planning to shift the headquarters from Srinagar. I don’t know what these people are thinking. They are not aware of ground realities. You can play with the emotions and sentiments to a certain extent. I respectfully ask the government here not to take these suicidal steps and and refrain from doing so at it will,” said Bukhari.
