The Chairman and CEO J&K Bank Mr. Mushtaq Ahmad today presented Dividend cheque for an amount of Rs 56.70 Crore to its largest shareholder, Hon'ble Chief Minister Mr. Omar Abdullah as the head of state government. The amount was paid as dividend for the year 2009-10.
With today's payment the Government, which owns over 53% of bank's stock, has earned a total dividend income of Rs.284.44 Crore on its investments since 1938.
As per the current market price, the investment amount of Rs. 53 Crore in the Bank by the government has appreciated to Rs.2005 Crore.
Being the principal banker to the state government, the J&K Bank continues to improve its services, expand its branch, ATM network and extend facilities to all its stakeholders that include a substantial number of government employees who receive their salaries through our extensive network of Business Units.
The bank intends to increase its business portfolio within the state by targeting un-banked sectors and intensify its programme of financial inclusion.
The bank is also partnering with the Government's economic initiatives for peoples empowerment which includes promotion of entrepreneurship, skill development and employment generation programmes.
Towards this end, the bank has recently entered into a tripartite Memorandum of Understanding (MoU) with the Jammu and Kashmir Government and the J&K Entrepreneurship Development Institute (JKEDI) for providing loans to prospective entrepreneurs trained by the JKEDI under Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) launched by the State Government on December 5, 2009.