‘Misgivings in media a part of political propaganda’
Srinagar: State finance minister Abdul Rahim Rather on Saturday termed news reports regarding alleged concealment of non-performing and stressed assets in its loan book, as a ‘propaganda’ motivated by political gains.
Abdul Rahim Rather told KNS: “Everybody is aware about the excellent performance of the Jammu and Kashmir Bank. The decision involving Reserve Bank of India supervision is nothing new and the same was taken some three years ago. The pros and cons of the decision was amply explained to one and all in opposition Peoples Democratic Party and other political parties. Why they remained silent in last three years is questionable and now doing propaganda seems a part of the larger political designs.”
The finance minister told KNS, that in last few years, the JK Bank has witnessed tremendous growth in terms of an increase in its advances, deposits and profit. “We also took some historic steps like we were able to wipe out the overdraft liability of around Rs 20300 Crores in 2010-2011 which saved the state government from an annual Rs 240 crore interest on its overdraft facility,” Rather added.
He said that RBI supervision is a must for one and all banks and JK Bank cannot be an exception. “The JK Bank was otherwise also being supervised by the RBI. There is nothing new in it. People have full confidence in the credibility of the JK Bank and the bank has invested huge sums in almost every sector in the state,” he added.
Rather however, suggest the JK Bank authorities to clarify its position with regard to the allegations being leveled against its financial management. “Yes, I agree with you the J K Bank must come out with facts and figures to clarify any misgivings and fight this propaganda,” Rather remarked.