21st October 2011
Srinagar
J&K Bank Clarifies
J&K Bank has clarified that its chairman and CEO, Mushtaq Ahmad, has been misquoted in a report by a news agency about the state government and Reserve Bank of India pact published today in a section of local newspapers. The statement attributed to the chairman is purely based on misunderstanding and no such statement was given in this regard.
JK Bank is acting as agents on behalf of Reserve Bank of India for the purpose of providing banking facilities to the government of Jammu and Kashmir. it is further clarified that the Government of Jammu and Kashmir adjusted the overdraft in the financial year 2010-11 and not in April 2011 as quoted in the newspaper report. We also want to convey to the general public that the business growth of the bank in the said financial year was quite higher than the previous financial year.
It is once again informed that the arrangement between the state government and the central government or between J&K Bank and RBI or the state government in no way dilutes the status of J&K Bank.
J&K Bank while carrying the general banking business of the state continues to handle all kinds of receipts/payments of the state government, salary disbursements, pension to civil pensioners, social welfare payments, treasury payments etc, as usual. This is also in addition to responsibility entrusted upon the bank to manage general banking business of the central government at various places.
We wish to further inform our stakeholders and esteemed customers that the bank's stability and viability is well founded irrespective of any repayment of loan and advance – big or small, which is a routine and normal feature of the bank's functioning. With business portfolio of over Rs.71000 crore now and best banking practices in vogue in all its affairs, repayments of loans and adjustments of accounts is a normal and routine affair. J&K Bank is well poised on the path of progress and all set to add one hundred additional business units by March 2012 and has further strengthened its human resources base by additional 1500 newly appointed Banking Associates.
JK Bank is acting as agents on behalf of Reserve Bank of India for the purpose of providing banking facilities to the government of Jammu and Kashmir. it is further clarified that the Government of Jammu and Kashmir adjusted the overdraft in the financial year 2010-11 and not in April 2011 as quoted in the newspaper report. We also want to convey to the general public that the business growth of the bank in the said financial year was quite higher than the previous financial year.
It is once again informed that the arrangement between the state government and the central government or between J&K Bank and RBI or the state government in no way dilutes the status of J&K Bank.
J&K Bank while carrying the general banking business of the state continues to handle all kinds of receipts/payments of the state government, salary disbursements, pension to civil pensioners, social welfare payments, treasury payments etc, as usual. This is also in addition to responsibility entrusted upon the bank to manage general banking business of the central government at various places.
We wish to further inform our stakeholders and esteemed customers that the bank's stability and viability is well founded irrespective of any repayment of loan and advance – big or small, which is a routine and normal feature of the bank's functioning. With business portfolio of over Rs.71000 crore now and best banking practices in vogue in all its affairs, repayments of loans and adjustments of accounts is a normal and routine affair. J&K Bank is well poised on the path of progress and all set to add one hundred additional business units by March 2012 and has further strengthened its human resources base by additional 1500 newly appointed Banking Associates.