Jammu & Kashmir Bank

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The Jammu and Kashmir Bank limited
Semi Government
Traded as NSEJ&KBANK, BSE532209
Industry Banking, Financial services
Founded 1 October 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 Increase66.21 billion (US$1.1 billion)(2012–13)
Increase27998 million (US$440 million)(2012–13)
Increase10.55 billion (US$170 million)(2012–13)
Total assets Increase717 billion (US$11 billion) as on 31 March 2013
Total equity Increase49.06 billion (US$780 million)(2012–13)
Number of employees
9400 as on 31 March 2013
Website www.jkbank.net

The Jammu and Kashmir Bank 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.[1][2]

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.

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), US. 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 1000 billion and earn 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.[4][5]

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.[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.

The bank incorporated in 1938.

Network[edit]

The bank's corporate headquarters is in Srinagar. The bank has a network of 833 computerized bank branches [9] and 726 ATMs across the country as on 1 October 2013.

Image:J and K Bank.JPG|J&K Bank Corporate Headquarters, Srinagar Image:JK Chinar Bank.JPG|Behind Chinar Trees </gallery>

References[edit]

  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 (20 August 2010). Retrieved on 6 December 2013.
  4. ^ Jammu and Kashmir Bank achieves Rs one lakh crore business - Economic Times. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.
  5. ^ 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.
  6. ^ J&K Bank Q4 net profit up 20% at Rs 250cr. Moneycontrol.com. Retrieved on 6 December 2013.
  7. ^ 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.
  8. ^ J&K Bank posts 20.16% increase net profit; announces 500% dividend - Moneylife. Moneylife.in. Retrieved on 6 December 2013.
  9. ^ http://www.bankifsccodes.co.in/JAMMU_AND_KASHMIR_BANK

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