Rumours about merger unfounded: Chairman
Excelsior Correspondent
SRINAGAR, Oct 24: Chairman and Managing Director, Jammu and Kashmir Bank Ltd, R.K. Chhibber today called on the Governor, Satya Pal Malik at the Raj Bhavan and held detailed deliberations on the overall health of the bank.
Chhibber briefed the Governor about various initiatives taken by the Bank to further stimulate its functioning vis-a-vis improving customer services and safe-guarding their financial interests. He also spoke in length on the public perception that has been created in some circles regarding the merger of the J&K Bank and informed that the fundamentals of the Bank are very strong and there is no such move contemplated in the near future.
The Chairman informed that the recent crisis of the Punjab and Maharashtra Cooperative (PMC) Bank in the country has worried bank customers in general, but the rumours of J&K Bank’s merger are totally unfounded and incorrect. He assured all esteemed stakeholders that the bank is functioning safely in the hands of the more than 12000 strong J&K Bank family under the supervision and guidance of a professional Board of Directors and a robust accountability framework in place for ensuring transparency and efficiency.
He said that the J&K Bank has a market share of more than 65% in the State and more than 12 million account holders from two million households and a total business around Rs 1.65 lakh crores.
He further clarified that few of the large loans, made some years ago that have turned Non Performing Assets (NPAs) and are being investigated; have been adequately provided for by the bank and shall have no impact on the profitability of the bank.
The Governor appreciated the endeavours of the J&K Bank for promoting its regular growth and development of the State. He appreciated the steps taken by the management during the past some months for further streamlining its functioning such as reconstitution of BoDs with prominent professionals. He hoped that the institution will further flourish and fulfil the aspirations of its customers.
The Governor observed that the J&K Bank has a rich history of serving the people, contributing immensely for the development of marginal sections of the society and generating employment opportunities for the poor. He urged the Chairman for continuing his endeavours for the growth of the bank and boosting the confidence of its customers in this era of competition. He assured all support from the Government for the overall growth of the Bank.
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