J&K Bank inaugurates 122 branches, 179 ATMs in a day

With gross NPAs of 1.62 percent and Net NPAs of 0.14 percent, J&K Bank has remained true to its core functioning as a commercial bank

October 11, 2013 12:00 IST | India Infoline News Service
J&K Bank has inaugurated 122 new business units and 179 ATMs at its platinum jubilee celebration held in Srinagar at the hands of P Chidambaram, Union Finance Minister. J&K Bank has been relentlessly working towards strengthening the banking infrastructure of J&K State, achieving a new milestone the bank inaugurated business units in inhospitable places like Batalik, Turtuk near LoC in Nubra valley, Salamabad in Uri, Dera Baba Banda Bahadur in far off Reasi, Jammu and Karoo, which is on way to famous Pangong Lake, Ladakh.

Applauding J&K Bank’s effort in taking banking to the remotest corner of the state and helping it overcome its turbulent past, Chidambaram advised the bank to take lead in expanding the business relations of people of the state with other states and overseas, he urged the bank to open more of its branches in other states of India and overseas. With such a glorious track record at 75, this is the time to tell the world that you have arrived, he said.

With gross NPAs of 1.62 percent and Net NPAs of 0.14 percent, J&K Bank has remained true to its core functioning as a commercial bank. He said that banking was not to make complicated products but to provide the customers what they want and, which he said, was being precisely done by J&K Bank. An ownership of 27% shares with the Foreign Institutional Investors is a real tribute to the quality of the bank, he added.

While commenting on the bank’s performance in the recent past, Omar Abdullah, Chief Minister, J&K said, “It is a bank with an amazing past. And if future is anything like its past then there is no limit that it cannot reach.” “From being small and unknown bank in the past, it has come to be one of the top banks in the country. And from here onwards it can surely become the best bank in the region and beyond”, he added.

Appreciating the role of bank in localizing its products, he said, “J&K Bank has really sustained the local economies by providing them tailor-made solutions in agriculture, handicrafts and tourism. From entrepreneurship to providing employment they have always taken the lead.” Assuring that government will continue to work closely with bank, he urged the bank to make its centenary function even bigger than the Platinum one.

Mushtaq Ahmad, Chairman and CEO, J&K Bank said “Our immediate vision is to strike the right balance between continuity and change. We envisage J&K Bank to be a mid-size financial institution in the industry that builds a strong and secure economic bridge between the demands of our present societies and aspirations of our future generations.”

“Though a commercial organisation in essence our commitment to serve is an established fact. For, service remains closer to our hearts”, he added. He reiterated the bank’s commitment towards the people’s empowerment. He said, “Vested with the trust of all our stakeholders, today we promise them sustainable growth and development, and reiterate our commitment to further our mission of ‘Serving to Empower.”

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