J&K Bank authorities claim to have taken a number of effective steps that have helped in the turnaround year after reporting a loss of Rs 1632 crore during the last financial year. After holding a meeting of the Board of Directors, it announced that a gross operating profit of Rs 368 crore and net profit of Rs 30 crore has been recorded for the quarter ended June 2017. The bank deserves kudos for taking some effective initiatives to reverse the situation that prevailed last year and now it seems that the bank is poised for reaching the goals it has set for itself for the entire financial year 2017-18.
J&K Bank has always played significant role in strengthening the financial and economic conditions of the State and the way it has improved customer service is something worth noting. A very large number of its branches have been opened not only in far flung rural areas of the State but in different cities of the country also and even in the UK. Actually, J&K Bank is part of the economic and financial history of the State. Explaining the broad contours of bank’s revised policy the Chairman of the Board of Directors said that understanding fully well the importance of providing growth capital to our entrepreneurs in the State there has been no letup in our focus on credit expansion within the State while as we continue to follow a conservative approach to balance sheet expansion.
We would like to emphasize on bank authorities and the Board of Directors that J&K Bank should devise new and novel schemes for boosting industrial growth in the State. It should have permanent mechanism of evaluating the expansion of industries in the State and their functionality whether these are running on profit or not. Any sick industry which can function profitably after recovery should be given special incentive by the bank. Likewise, the J&K Bank should focus its attention on providing very reasonable support to the student community especially in rural areas whose talent should not suffer for flowering by lack of financial support and opportunities. J&K Bank has the potential to contribute in the social arena of the State. We know that the bank has able leadership at the helm of affairs and dedicated workers are carrying forward its work efficiently. Therefore, the bank should be seen more prominently in social sector.
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