PM Modi accuses JK Political parties of ruining JK Bank

Srinagar, March 07: Prime Minister Narendra Modi on Thursday came down heavily on regional political parties of Jammu and Kashmir and said that they have ruined the J&K Bank by recruiting their kiths and kins illegally besides giving away bad loans.

       Accusing the J&K’s political parties of ruining the premier financial institution J&K Bank, PM Modi said that the Bank was about to sink due to mismanagement and corruption so much so that Kashmiri people were set to lose crores of their hard earned money deposited in the bank.

       “It was your Money. Hard earned money. Modi Tou Chokidar Ban Kr Bhetha ( I kept watch on ur hard earned money and saved ur earning),” he said.

       He said it was Modi’s Gurantee that Bank was saved from drowning in debt. “J&K Bank’s annual profit may reach around Rs 1700 crores this year and this is “Modi’s Guarantee”.

“We saved this bank from the clutches of political parties of J&K. Today, Bank earns a profit worth Rs 1700 Crore. Its share rate has also gone up to Rs 140. The bank is now doing business of Rs 2.25 lakh crore,” PM Modi said.

Modi revealed that five years ago the Bank Reserves had gone down below Rs 80 thousand Crore rupees that has now doubled due to the intervention of the government

Without naming a particular political party, Modi said these political parties recruited their kiths and kins  that is being investigated by the Anti-Corruption Bureau. He said efforts are on to improve the Banks’ business.

       He said the government during last five years brought in several reforms aiming to prevent the bank from going bankrupt. “We Pumped in a Rs 1000 Crore ruppes in the bank to save it ”

He said during the last five years thousands of youth got jobs in J&K bank in a fair and transparent manner  based on pure merit.

 He said that the bank’s shares have also witnessed 12-fold increase and soared to Rs 140 from Rs 12.

“During the last five years, the Bank’s business almost doubled from 1.25 Lac Crore s to Rs 2.25 Lac Crore. Its deposits are also going to double while as the NPAs have already come drastically down from 11 percent to below 5 percent”, he said.

Modi said the improvement in the premier banking institution of the  Jammu and Kashmir has been possible because of honest initiatives  of the government. “ When the government is honest, and the intentions are pure and honest then every difficulty can be overcome,” he added.