Modi Celebrates JK Bank Recovery in Srinagar

Modi Celebrates JK Bank Recovery in Srinagar

Asif Iqbal | March 7, 2024 | 07:51 PM IST | Jammu Kashmir, Srinagar | Follow on Google News

Modi Celebrates JK Bank Recovery in Srinagar….image/KL

Modi Celebrates JK Bank Recovery in Srinagar

In a public address at Bakshi Stadium in Srinagar, Prime Minister Narendra Modi accused the Jammu and Kashmir (JK) Bank of succumbing to dynasty rule’s nepotism, corruption, and mismanagement. He revealed that in the last five years, the once “about to sink” bank had been revitalized through strategic interventions, transforming it into a profitable institution.

Modi Celebrates JK Bank Recovery:Dynasty Exploitation and Financial Distress

PM Modi asserted that Kashmiri dynasty politicians had exploited the bank, engaging in nepotism and corruption that led to severe mismanagement and financial distress. He highlighted the peril to the public’s money, emphasizing the need for intervention to salvage the situation.

Modi Celebrates JK Bank Recovery:Reforms and Rescue Mission

To save the Jammu and Kashmir Bank, the government implemented a series of reforms and provided a financial lifeline of Rs 1,000 crore. Stringent actions were taken against wrongful recruitments, with ongoing investigations by the Anti-Corruption Bureau. PM Modi proudly stated that over the past five years, thousands of youth in Jammu and Kashmir have secured transparent job opportunities in banks.

Modi Celebrates JK Bank Recovery:From Crisis to Profitability

Updating on the current state of the bank, PM Modi revealed a remarkable turnaround. The bank’s profit, once dwindling, has soared to Rs 1,700 crore. He emphasized the significance of the “guarantee of Modi,” ensuring the public that their money is secure and that he stands guard over their rightful funds.

Modi Celebrates JK Bank Recovery:Impressive Financial Recovery

PM Modi presented impressive financial indicators, showcasing the success of the interventions. The bank’s business expanded from Rs 1.25 lakh crore to over Rs 2.25 lakh crore, while deposits nearly doubled. The Non-Performing Assets (NPA) decreased from 11 to five percent. Additionally, the share price of JK Bank surged almost 12 times, from Rs 12 to around Rs 140, reflecting the positive impact of an honest government committed to the welfare of the people.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.