MK News Network
Srinagar, Mar 7: Prime Minister Narendra Modi on Thursday lauded the remarkable turnaround of Jammu and Kashmir Bank, attributing its improved performance to reforms undertaken by his government to end years of mismanagement caused by “dynasty politics and corruption.”
Dwelling on the bank’s transformation, Modi recalled how it had become a “victim of dynasty politics and corruption” in the past. He listed a series of reforms implemented to restore the health of the institution.
In contrast, Modi highlighted the transparent recruitment process adopted in the last five years since Jammu and Kashmir became a union territory.
The reforms have borne fruit, with J&K Bank’s profit surging to Rs 1,700 crore and its business reaching Rs 2.25 lakh crore from a mere Rs 1.25 lakh crore five years ago. Deposits have also increased from Rs 80,000 crore to Rs 1.25 lakh crore during this period.
Significantly, the bank’s non-performing assets (NPAs), which had crossed an alarming 11 percent five years ago, have been brought down to below 5 percent.
The bank’s share price has witnessed a remarkable 12-fold jump, from Rs 12 five years ago to around Rs 140 currently.
“When there is an honest government with the intention of public welfare, then people can be brought out of every difficulty,” Modi asserted, crediting his administration’s commitment to good governance for J&K Bank’s resurgence.
The Prime Minister’s remarks underline the BJP-led government’s efforts to root out corruption and nepotism that had plagued Jammu and Kashmir’s institutions under previous regimes.
