J&K Bank enjoying total functional autonomy: FM

Excelsior Correspondent

SRINAGAR, Sept 5: Stating that the Government of Jammu & Kashmir and people of the State were satisfied with the performance of the J&K Bank and its contribution towards economic empowerment of the individuals and overall development of the State, Abdul Rahim Rather, Minister for Finance & Ladakh Affairs has said that J&K Bank will never ever fail owing to the total functional autonomy it enjoys in its day to day affairs.
“J&K Bank will never ever fail. It will continue to progress by leaps and bounds. The key of its growth and strength lies in its customer friendly business approach and the total funtional autonomy it enjoys in its day to day affairs”, he said while speaking to gathering of customers of the bank soon after inagurating the bank’s new business unit at Kanir, Budgam in presence of Parvez Ahmad, Bank’s Executive President.
“We believe undue interference with the affairs of the bank is determental to its health. So, to ensure its unstoppable growth, we have left its functioning upto the able leadership of its management. We are always there to support this proud institution of our state to see it grow and prosper”, he said.
He reiterated that the other banking players operating in the state should shun the conservative approach while extending advances and loans. “If they do not improve their credit disbursement in our state, we will not hesitate to take the severe action against them. Flight of capital is unacceptable”, he stressed.
Maintaining that growing network of J&K Bank branches was facilitating easy access to financial services and solutions, Finance Minister urged the people to take maximum benefit from the various schemes of the bank. He, however, urged the people to infuse bank finance in productive ventures.
In his address, Executive President of the Bank Parvez Ahmad stated that the people of the state are fortunate to have the visionary leadership of Chief Minister and Finance Minister under whose able and dynamic leadership we see a new era of prosperity and growth for the J&K.. He attributed the strong credibility of the institution to the support being extended by the State Government, customers and people of the state.
While highlighting the able leadership of Chairman of the bank Mushtaq Ahmad he said, “The Bank has shown phenomenal growth in all spheres of activities. Since his take over, the business has gone up from Rs 62000 crore to Rs 86000 crore, profit up to Rs 810 crore from Rs 310 crore, number of branches has increased from 535 to 622 and number of ATMs from 307 to 542.”
While highlighting J&K Bank as a major player in the economic development of the state, he stated: “The total credit outflow from all the banks operating in the J&K State stands at Rs 20210 crore out of which J&K Bank’s share constitutes Rs 13475 crore, commanding a market share of 68%.”
He assured the people of the region that Bank will extend hassle free credit to the agricultural sector with a view to realize the underlying potential of the sector in the region through KCC and Apple Finance schemes.
While announcing the future growth plans of the management for the Budgam District for the next three years, Parvez disclosed that the bank would be raising the number of branches from 27 to 60 and number of ATMs from 9 to 50.