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J&K Bank on way to recovery
1/26/2020 10:08:51 PM
The Jammu and Kashmir administration directing all the officers to close the official accounts in banks other than J&K Bank by January 31 or face stern action has allayed the fears of people to some extent that all is not well within the J&K Bank. When centre on August 5, 2019 announced its decision to reorganize the erstwhile J&K state into two Union Territories, rumours started making rounds that J&K Bank will cease to exist and it would be merged into some nationalized bank.
These rumours pressed the panic button and people at many places pulled out their funds from the J&K Bank and approached other financial institutions. As the rumours refused to die down, the top officials of the J&K Bank issued numerous statements urging people not to get carried away by the campaign launched against the bank.
It took some months for the dust to settle down but in the process J&K Bank lost many of its old customers. After August 5, 2019 there were reports that a few officials too shifted their accounts to other banks. The J&K Bank management after scanning its records had informed the UT administration that government accounts are functional in other banks.
The administration by coming out with a strong worded order asking officials to operate the official accounts in J&K Bank only is a message to common people also that they need not fear as the J&K Bank is in the safe hands.
Soon after the transition of the erstwhile J&K state into a Union Territory, the administration had issued an order declaring J&K Bank as the official bank of the J&K UT and State Bank of India as official bank of Ladakh UT.
The J&K Bank is a household name in Jammu & Kashmir. People of J&K in all the regions have reposed full faith in this institution and the bank too had reciprocated by helping the common people. Howevet, a few scams like the recent one of NC leader's son, have brought disrepute to the bank. It has been proven beyond doubt that the political interference had ruined the J&K Bank. The kith and kin of politicians were ruling the roost at the cost of common people. But now the situation has changed. The days of politicians are over. Now, the J&K Bank is being run by its employees who are helping the investigating agencies to probe the discrepancies which were committed in the past. The J&K Bank cleansing will help the institution to reclaim its pristine glory.
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