Jammu & Kashmir Bank
|JK Bank, J&K Bank|
|جموں و کشمیر بنک|
|Traded as||NSE: J&KBANK, BSE: 532209|
|Industry||Banking, Financial services|
|Founded||1 October 1938|
|Headquarters||Srinagar, Jammu and Kashmir, India|
|Mushtaq Ahmad (Chairman & CEO)|
|Revenue||₹66.21 billion (US$990 million)(2012–13)|
|₹27998 million (US$420 million)(2012–13)|
|₹10.55 billion (US$160 million)(2012–13)|
|Total assets||₹717 billion (US$11 billion) as on 31 March 2013|
|Total equity||₹49.06 billion (US$730 million)(2012–13)|
Number of employees
|9400 as on 31 March 2013|
The Jammu and Kashmir Bank (Urdu;جموں و کشمیر بنک)was founded on 1 October 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.
The bank commenced business on 4 July 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.
Dr Haseeb Drabu was chairman and chief executive of the bank for the period 2005 to 2010.
The bank celebrated its platinum jubilee in the year 2013. To make the year remarkable, the bank achieved a total business of Rs 1000 billion and earned a net profit of Rs 10 billion. On 1 April 2013 the bank surpassed the target of promised Rs 1000 billion business and is confident of meeting its other annual targets as well in its Platinum Jubilee year.
On 15 May 2013, bank announced that it has achieved the target of promised Rs 10 billion profit for the FY 2012–13. The bank posted net profit of Rs 10551 million and business turnover of Rs 1034 billion 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.
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.
The bank was incorporated in 1938.
The bank's corporate headquarters is in Srinagar near TRC (Tourist Reception Centre). The bank has a network of 821 computerized bank branches and 901 ATMs across the country as on 10 August 2015.
- Jammu and Kashmir Bank achieves Rs one lakh crore business - Economic Times. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.
- JK Bank vaults Rs1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.
- J&K Bank Q4 net profit up 20% at Rs 250cr. Moneycontrol.com. Retrieved on 6 December 2013.
- JK Bank crosses Rs 1000 crore profit mark Lastupdate:- Thu, 16 May 2013 18:30:00 GMT. Greaterkashmir.com (16 May 2013). Retrieved on 6 December 2013.
- J&K Bank posts 20.16% increase net profit; announces 500% dividend - Moneylife. Moneylife.in. Retrieved on 6 December 2013.
- "JK Bank Q1 net up 22 per cent at Rs 159 cr". www.greaterkashmir.com. Retrieved 2015-10-24.