The CEO and MD of Jammu and Kashmir Bank Ltd. addressed the 85th Annual General Meeting for the financial year 2022-2023, where he acknowledged the unwavering support of stakeholders and customers and presented the bank’s positive trajectory. The bank under his supervision had reported a record-breaking profit of Rs 10,197 crores in the previous year and a strong start in the current year, with a capital adequacy ratio of above 15%. In FY2022-23, the bank witnessed double-digit credit growth, and the outlook for FY24 anticipates a similar positive trend. The recent announcement of a substantial dividend underscores the bank’s dedication to sustainable expansion and enhancing shareholder value. The bank’s commitment to elevating the customer experience is evident through its digital banking initiatives, including the upcoming M-Pay Delight + app. These strategic measures will facilitate sustainable growth, fueled by the unwavering support of its shareholders, dedicated employees, and loyal customers.
Jammu and Kashmir Bank stands as the premier financial institution in the Union Territory of Jammu and Kashmir with a vast network of branches and ATMs nationwide, offering a wide array of banking products and services, including personal, corporate, international banking, treasury services, insurance, mutual funds, and credit cards to its clientele. What sets Jammu and Kashmir Bank apart from other banks is its commitment to serving the local community and driving economic development in the Union Territory. This extensive reach has made it a preferred choice among the local population. Notably, all branches are directed to be customer-friendly, which has contributed to expanding the bank’s presence and outreach. It has established a dedicated Small and Medium-Sized Enterprise Department to provide financing to local businesses. Initiatives like the establishment of a self-help group programme that promotes financial literacy and inclusion However, banking is a competitive market, and as such, other banks offer stiff competition. Over the years, Jammu and Kashmir Bank has significantly contributed to the region’s growth and development. Its support for agriculture, SMEs, tourism, education, and social welfare initiatives has positively impacted the livelihoods and well-being of the local population. The bank has appropriately prioritised its efforts in two pivotal sectors: agriculture and tourism, which are the bedrock of Jammu and Kashmir’s economy. The bank has extended substantial loans to support various agricultural and tourism endeavours, encompassing financing for fruit transportation trucks, hotels, taxis, and diverse units involved in activities such as fruit juice production and other agricultural-related industries. The bank’s strategic approach in these sectors has proven to be highly effective, resulting in remarkable growth.
Concurrently, the bank has demonstrated a commitment to invest in the youth of Jammu and Kashmir. This has been achieved through the provision of educational loans to support their academic pursuits and, subsequently, by offering financial assistance to establish businesses, whether they are small-scale enterprises or larger ventures.
In addition to its core banking operations, Jammu and Kashmir Bank has also undertaken commendable social initiatives through Corporate Social Responsibility (CSR). These initiatives include the development of specific areas within hospitals and, providing essential amenities such as sheds, benches, and water coolers. These efforts reflect the bank’s commitment to making a positive impact on the communities it serves and enhancing the overall well-being of the region. The bank is under the vigilant supervision of a highly experienced team of diligent and exceptional professionals, ensuring strict adherence to all RBI regulations at every branch. The bank has improved governance processes through independent director appointments and better internal controls. This commitment to regulatory compliance has significantly boosted the trust of the common people, leading to a substantial increase in bank deposits. With massive infrastructure projects undertaken in the UTs of Jammu and Kashmir and Ladakh, the bank has plans with a proper approach to perform even better this year.
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