Govt will continue to support J&K Bank, says Principal Secy Finance

Srinagar

Principal Secretary Finance, Navin Kumar Choudhary on Saturday said that the State Government will continue to support the bank “as has been amply demonstrated through capital infusion in the bank when it was required during the challenging previous fiscal,” he said.

“In future too whenever the bank needs our support, it shall be forthcoming in every possible way,” he said.

Principal Secretary Finance made these comments while responding to a query of a shareholder at the bank’s 80thAGM held here at SKICC.

“Financial Year 2016-17 was the most difficult year for the banking industry and JK bank was not an exception. I would call the year 2017-18 as a year of recovery for the bank. The  Board was restructured, strategy reoriented, business processes re-engineered, top management strengthened with elevations and undoubtedly lot of hard work was done to put the bank on a sustained path of recovery.,” he added.

The Principal Secretary while assuring the shareholders asserted, “Let me reiterate as the promoter director representing the state government holding 59 percent stake in the bank that we value J&K Bank as one of the premier organizations of the state and will do everything possible to retain its premier status.”

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