M Y Khan Former J&K Bank Chairman - File Picture
J&K

Latest unfortunate developments in JK Bank will have major impact: Former JK Bank chairman M Y Khan

Says Govt could have handled it in a better way

Srinagar: Former JK Bank chairman M Y Khan has said that the removal of the former bank chairman and the subsequent developments are “very unfortunate and would impact” the functioning of the economic institution.

In an exclusive interview with Kashmir News Service (KNS) about the latest developments in the Bank, Khan said that government could have handled the situation in a better way to evade apprehensions among the people.

“The developments are very unfortunate. I am trying to find out what triggered them as I have no clue. Bank is answerable to investors, shareholders and other stakeholders. It is the backbone of the economy here and people love this institution as it is the most important institution in the state,” Khan, who was chairman of the bank for eight years from 2005.

The renowned economist of the state told Kashmir News Service (KNS) that the latest decisions of the government will have big impact on the banking and the government, bank management have to work hard to restore its credibility among the stakeholders.

“The latest developments could have been handled in a better way without impacting the bank. Banking will have major impact. Its shares will get impacted,” Khan, who was CEO of the bank in 1996, said.

“The bank administration has to work very hard to repair the damage. It is not easy as the Bank’s credibility gets impacted. The management and the government would have to rectify the damage and reach out to the investors, shareholders and other stakeholders to regain their confidence on the functioning of the bank,” he said.

The Jammu and Kashmir Bank has been in controversy lately after the governor administration removed former chairman Parvez Ahmad and then Anti-corruption bureau raided the Corporate Office on allegations of illegal recruitments and nepotism.

Khan said that “let good sense prevail and situation improves in the bank”. (KNS)

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