J&K Bank's conversion into PSU opposed

Srinagar : Employees of the Jammu and Kashmir Bank on Thursday staged a protest here seeking rollback of the government's decision to treat the bank as a public sector undertaking (PSU).

They protested at the corporate headquarters of the bank.

The state government had decided to bring the bank under the purview of the RTI Act and treat it as a PSU.

There were widespread opposition to the decision with political parties, including the Peoples Democratic Party (PDP) and the National Conference (NC), terming it a move to curb J&K's financial autonomy.

Established in 1938, the majority shares of the largest bank in J&K are owned by the government.