Jammu & Kashmir Bank

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The Jammu and Kashmir Bank limited
Type Private
Traded as NSEJ&KBANK, BSE532209
Industry Banking, Financial services
Founded October 1, 1938
Headquarters Srinagar, Jammu and Kashmir, India
Key people Mushtaq Ahmad (Chairman & CEO)
Products Credit Cards
Mortgage loans
Services Consumer Banking
Corporate Banking
Financial Services
Private Banking
Cash Management
Mobile Banking
Revenue IncreaseINR6620.53 crore (US$1.1 billion)(2012-13)
Operating income IncreaseINR2799.77 crore (US$470 million)(2012-13)
Net income IncreaseINR1055.10 crore (US$180 million)(2012-13)
Total assets IncreaseINR71743 crore (US$12 billion) as on March 31, 2013
Total equity IncreaseINR4906 crore (US$820 million)(2012-13)
Employees 9400 as on March 31, 2013
Website www.jkbank.net

The Jammu and Kashmir Bank was founded on October 1, 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh. The Maharaja invited eminent Kashmiri investors to become founding directors and shareholders of the bank, the most notable of which were Abdul Aziz Mantoo, Pesten Gee and the Bhaghat Family, all of whom acquired major shareholdings.[1][2]

The bank commenced business on July 4, 1939, and was considered the first of its nature and composition as a State owned bank in the country. The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government. In 1971, the bank acquired the status of a scheduled bank and was declared as an "A" Class bank by the Reserve Bank of India in 1976.

The bank had to face serious problems at the time of independence when out of its total of ten branches two branches of Muzaffarabad, Rawalakot and Mirpur fell to the other side of the line of control (now Pakistan-administered Kashmir) along with cash and other assets. Following the extension of Central laws to the state of Jammu & Kashmir, the bank was defined as a government company as per the provisions of Indian companies act 1956. Mushtaq Ahmed is the new Chairman & CEO of Jammu & Kashmir Bank.

J&K Bank’s Annual Report 2008-09 has won three awards at the prestigious LACP 2009 Vision Awards – the world’s largest award programme for Annual Reports, organized by California-based League of American Communications Professionals (LACP), USA. The LACP is a forum within the public relations industry that facilitates discussion of best-in-class practices in public relations and recognizes exemplary communication capabilities at a global level. The awards received include – Rank 73 on the top hundred list of annual reports from around the world, Platinum Award in the Commercial Banks – Up to $10 billion annual revenue from the Asia Pacific Region and Silver Award for Most Creative Report across all sectors from the Asia Pacific Region. [3] Dr Haseeb Drabu was chairman and chief executive of the bank for the period 2005 to 2010.

The bank is celebrating its platinum jubilee this fiscal year (FY13). To make this year remarkable, the bank aims to achieve a total business of Rs 100000 crore and earn a net profit of Rs 1,000 crore. On April 1, 2013 the bank surpassed the target of promised Rs 100000 Crore business and is confident of meeting its other annual targets as well in its Platinum Jubilee year.[4][5]

On May 15 2013, bank announced that it has achieved the target of promised Rs 1000 Crore profit for the FY 2012-13. The bank posted net profit of Rs 1055.10 crores and business turnover of Rs 103421 crore for the FY 2012-13. In its Platinum jubilee year, the banks board of directors recommended special dividend of 500% or Rs 50 per share for 2012-13. [6][7][8]

Brief profile/conclusion[edit]

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT.

J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home state which results in higher margins despite modest volumes, and at the same time, seeks to capture niche lending opportunities on a pan-India basis to build volumes and improve margins.

J&K Bank operates on the principle of 'socially empowering banking' and seeks to deliver innovative financial solutions for household, small and medium enterprises.

The bank incorporated in 1938, and is listed on the NSE and the BSE. It has a track record of uninterrupted profits and dividends for four decades. The J&K Bank is rated P1+, indicating the highest degree of safety by Standard & Poor and CRISIL.


“To catalyse economic transformation and capitalise on growth.”

The bank's vision is to engender and catalyse economic transformation of Jammu and Kashmir and capitalise from the growth induced financial prosperity thus engineered. The bank aspires to make Jammu and Kashmir the most prosperous state in the country, by helping create a new financial architecture for the J&K economy, at the center of which will be the J&K Bank.


The banks mission lays down a two-fold path: To provide the people of J&K international quality financial service and solutions and to be a super-specialist bank in the rest of the country. The two together will make the bank most profitable Bank in the country.


The bank's corporate headquarters is in Srinagar. The bank has a network of 750 business units (branches) and 726 ATMs across the country as on October 1, 2013.

Awards and recognitions[edit]


Business Today - KPMG Study

  • The bank was ranked one of the best banks in the Best Bank Study 2011 done by Business Today and global Consulting firm KPMG (BT-KPMG). The study ranked the bank No. 1 on the basis of NPA coverage ratio which stood best in the industry as at the end of March 2011.[9]
  • The bank was ranked 15th in large banks category in the country based on the last year's growth, quality of assets, productivity and efficiency parameters, leaving state bank of India, federal bank, HSBC Bank, Standard Chartered bank and other major banks far behind.

FE India's best banks Award

The bank won the prestigious Financial Express Best Banks Award in the Old Private Sector Banks Category for Scaling up its business and strengthening the balance sheet for the year ended March 2011.[10][11] The Award is the recognition of the bank's innovative approach towards the business, both within and outside J&K.

Dun & Bradstreet Banking Awards

J&K Bank was awarded the Best Bank in the prestigious 'Dun & Bradstreet (D&B) - Polaris software Banking Awards 2011 in the category for "Rural Reach - Private Sector".[12]


Business Today - KPMG Study

  • The bank was ranked one of the best banks in the Best Bank Study 2012 done by Business Today and KPMG. The Study ranked the bank No. 1 on the basis of NPA coverage ratio and the bank was also ranked No. 1 in terms of Cost to income ratio which stood best in the industry at the end of the March 2012.[13]
  • The bank was ranked 4th in Mid sized banks category in the country based on the previous year's growth, quality of assets, quality of earnings, productivity and efficeincy and capital adequacy parameters.

Sunday Standard FINWIZ-2012 Best Bankers Award

The bank was awarded ‘Best Banker in Financial Inclusion and Customer Friendliness’ and declared runner up for ‘Best Banker in Priority Sector Growth and Agricultural Credit’.[14]

IPE HRM Congress Awards

The bank has been conferred with the prestigious HR Leadership Award at IPE HRM Congress Awards organized under the aegies of APHC Asia Pacific HRM Congress 2012.[15][16] The criteria adopted to choose the awardees included internal (within the organization) perception, external perception (based on credibility, achievement and value contribution to the business), track record of performance and achievements, values, integrity and work life balance.

CNBC TV18 India Best Bank and Financial Institution Awards.

The bank was awarded as the “Best Bank” in the “Old Private Sector Bank” category at the CNBC TV18 India Best Bank and Financial Institution Awards for FY12.[17] The distinction of being the “Best Bank” in the “Old Private Sector Bank” category has been accorded to J&K Bank by a panel of distinguished jurors consisting of Mr. JagdishCapoor, former Deputy Governor Reserve Bank of India, former Chairman of HDFC Bank and former Chairman of BSE, Mr. A. K. Purwar, Chairman of IndiaVenture Advisors Pvt. Ltd & former Chairman of State Bank of India, Mr. H. N. Sinor, CEO, Association of Mutual Funds of India, former CEO, Indian Banks Association and former Managing Director of ICICI and Mr. M. V. Nair, former Chairman, Union Bank of India.

India Human Capital Awards 2012

For its leadership role in the human resource management practices, J&K Bank was conferred with HR Leadership Award in the second India Human Capital Awards 2012.[18] The award is the recognition of Bank’s strategic and iconic position as a role model for professionalism and management excellence in the banking industry.


FE India’s Best Banks Award-2012-13

The bank was ranked as No. 1 in ‘Best Old Private Sector Bank’ category in the survey conducted across the banking industry.[19] In terms of ‘Profitability’, the bank stands 3rd in the overall banking industry while as 1st in the category of ‘Old private sector banks’.[20]

The Award is the recognition of the bank's strong fundamentals and dynamic growth model.

Europe Business Assembly Awards, London

The bank bagged the prestigious ‘Best Enterprise’ award from Europe Business Assembly (EBA) in London. The Socrates Committee of EBA also awarded the Chairman and CEO - Mr. Mushtaq Ahmad with ‘Manager of the Year’ medal and a special statue.[21]


  1. ^ About
  2. ^ JKB
  3. ^ JK Bank annual report wins 3 vision awards in US Lastupdate:- Fri, 20 Aug 2010 18:30:00 GMT. Greaterkashmir.com (2010-08-20). Retrieved on 2013-12-06.
  4. ^ Jammu and Kashmir Bank achieves Rs one lakh crore business - Economic Times. Articles.economictimes.indiatimes.com (2013-04-01). Retrieved on 2013-12-06.
  5. ^ JK Bank vaults Rs1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT. Greaterkashmir.com (2013-04-02). Retrieved on 2013-12-06.
  6. ^ J&K Bank Q4 net profit up 20% at Rs 250cr. Moneycontrol.com. Retrieved on 2013-12-06.
  7. ^ JK Bank crosses Rs 1000 crore profit mark Lastupdate:- Thu, 16 May 2013 18:30:00 GMT. Greaterkashmir.com (2013-05-16). Retrieved on 2013-12-06.
  8. ^ J&K Bank posts 20.16% increase net profit; announces 500% dividend - Moneylife. Moneylife.in. Retrieved on 2013-12-06.
  9. ^ JK Bank in elite group of Best Banks Lastupdate:- Sat, 26 Nov 2011 18:30:00 GMT. Greaterkashmir.com (2011-11-26). Retrieved on 2013-12-06.
  10. ^ J K Bank bags FE award Lastupdate:- Mon, 19 Sep 2011 18:30:00 GMT. Greaterkashmir.com (2011-09-19). Retrieved on 2013-12-06.
  11. ^ FE Best Banks: Crown jewels of the biz. Financial Express (2011-03-30). Retrieved on 2013-12-06.
  12. ^ J K Bank wins Dun Bradstreet Banking Award 2011 Lastupdate:- Wed, 7 Sep 2011 18:30:00 GMT. Greaterkashmir.com (2011-09-07). Retrieved on 2013-12-06.
  13. ^ Business Today-KPMG study of India's Best Banks - Business Today - Business News. Businesstoday.intoday.in (2012-12-09). Retrieved on 2013-12-06.
  14. ^ JK Bank bags Best Banker Award Lastupdate:- Thu, 23 Aug 2012 18:30:00 GMT. Greaterkashmir.com (2012-08-23). Retrieved on 2013-12-06.
  15. ^ J&K Bank bags HR Leadership Award. Statetimes.in (2012-09-15). Retrieved on 2013-12-06.
  16. ^ Asia Pacific HRM Congress 2013. Asiapacifichrmcongress.com (2012-09-06). Retrieved on 2013-12-06.
  17. ^ J&K Bank bags prestigious CNBC TV18 India Best Bank award. Kashmir Times (2012-10-18). Retrieved on 2013-12-06.
  18. ^ [1][dead link]
  19. ^ JK Bank adjudged Best Bank in FE survey Lastupdate:- Wed, 27 Mar 2013 18:30:00 GMT. Greaterkashmir.com (2013-03-27). Retrieved on 2013-12-06.
  20. ^ Daily Excelsior. Daily Excelsior (2013-03-28). Retrieved on 2013-12-06.
  21. ^ J&K Bank bags Europe Business Assembly award for best enterprise. Hindustan Times (2013-04-15). Retrieved on 2013-12-06.