Srinagar: Owing to appreciable efforts and achievements of the management and the operation levels during past two quarters (October 2016 to March 2017) in recoveries, demonetization, digitization and restructuring of the local loan accounts, J&K Bank shall be able to reclaim its path of profitability during the current financial year (2017-18) only. This was stated by Parvez Ahmed, Chairman & CEO of the bank while addressing top management team across the country at corporate headquarters on Monday.
According to bank spokesman, top management including Executive Presidents, Vice presidents, Zonal Heads, IAPM Heads, Cluster Heads, Law Heads and other top functionaries of the bank had assembled at the bank’s corporate headquarters to take review of the performance of the bank in the last two quarters, especially in recovering bad debts from the defaulting borrowers. The meeting was also held to adopt Strategic Business Plan for the year 2017-18.
Parvez while deliberating upon the mega get-together of the management of the bank appreciated the efforts in pursuing the overall business goals of the bank with continuous zeal and passion. “Despite the fact that the past two quarters were highly stressful, the overall appreciable performance of the management and staff of the bank helped us to broaden the vision in arriving at the Annual Business Plan for financial year 2017-18,” he said and further explaining that the strategy in authoring the document is to ensure the turnaround of the bank within the already issued guidelines for the six quarters beginning October2016.
Parvez according to spokesman also expressed his complete faith in the consulting inputs from M/S Delloitte which shall integrate BPR, IT Intervention maximization, Path to digitization, HR planning and other latest Industry innovations with the current and future Business Plans which shall simultaneously ensure Upgradation of Systems and Procedures.
While announcing the adoption of presented Business Plan by strategy vertical of the bank with unanimous view of the top Management, Parvez thanked the employees of the bank for their exemplary efforts in dealing with the tough challenges.
The spokesman said Parvez requested staff to repeat their act of putting in their every effort to see their organization out of the woods at the earliest back to the times of pride and glory.
Executive President and Head Strategy and Business Development, S S Sehgal, while releasing the details of the Business Plan said that the bank aspires to achieve an increase of 23% in total Business portfolio on March31, 2018 with deposits up at 18% and advances scaling to 30% increase viz-a-viz the numbers as on March31, 2017. He also highlighted that the NPA’s of the bank shall be brought down substantially to manageable levels.