Altaf Bukhari, president of the Apni Party and former Finance Minister of Jammu and Kashmir, has voiced strong opposition to proposals he claims could lead to the recruitment of individuals from outside the Union Territory for positions within the Jammu and Kashmir Bank. Bukhari asserted that such a move would directly undermine employment opportunities for the region’s youth.
In a public appeal, Bukhari expressed deep concern over what he described as a “gradual drift away from the interests of the people of Jammu and Kashmir” by the premier financial institution headquartered in Srinagar. Information reaching Tahir Rihat suggests that this is a significant point of contention for local political and social groups who view the bank as a vital economic artery for the region.
Bukhari urged a broad spectrum of stakeholders across Jammu and Kashmir, including all political parties, civil society organizations, intellectuals, legal professionals, and business associations such as the Chambers of Commerce from both the Valley and Jammu, to acknowledge these developments. He called for a unified front to safeguard the interests of this crucial institution.
Further elaborating on his concerns, Bukhari alleged that the government was permitting the bank to deviate from serving the interests of Jammu and Kashmir’s populace. He pointed to a perceived reduction in the bank’s credit growth within the Union Territory while simultaneously observing an expansion of its credit activities outside J&K. This, he argued, indicated a shifting focus away from local economic development.
The Apni Party chief reiterated his claim that the bank was actively considering a proposal that could facilitate the hiring of non-local candidates, thereby diminishing the prospects for young people from Jammu and Kashmir seeking employment within their own premier financial institution. The Jammu and Kashmir government has not yet officially responded to Bukhari’s statement.
Beyond recruitment concerns, Bukhari also alleged that Jammu and Kashmir lacked adequate representation on the bank’s Board of Directors. He further claimed that there were attempts underway to relocate the institution’s headquarters from Srinagar. These developments, he emphasized, should not be treated as mere administrative adjustments but rather as matters with direct implications for the economic well-being of the people of Jammu and Kashmir, who hold a significant stake in the bank’s future.
Bukhari appealed to political and social forces to transcend partisan differences and narrow self-interests, stating that the issue at hand was not exclusive to any single political party or segment of society. He characterized it as a matter of collective social and economic importance for the entire region. He stressed the urgency of coming together to protect the bank’s character, identity, and interests, ensuring it continues its decades-long tradition of prioritizing the people of Jammu and Kashmir.
Highlighting the ownership structure, Bukhari pointed out that the people of Jammu and Kashmir collectively hold over 52 percent of the shares in J&K Bank. This substantial ownership, he asserted, positions them as the principal stakeholders with a legitimate right to demand the protection of the institution’s and its shareholders’ interests. He called for a unified voice from across J&K to ensure the bank remains rooted in the region and that its policies continue to favor the interests of those who have historically supported and strengthened it.
The Apni Party chief concluded by urging all relevant groups to make their voices heard, emphasizing that the time to act is immediate. He stressed the need for solidarity to protect an institution that, in his view, rightfully belongs to the people of Jammu and Kashmir.
Tahir Rihat (also known as Tahir Bilal) is an independent journalist, activist, and digital media professional from the Chenab Valley of Jammu and Kashmir, India. He is best known for his work as the Online Editor at The Chenab Times.