JK Bank chairman presents Rs 128.88 crore dividend cheques to CM

KL Report


Chief Minister, Omar Abdullah  Wednesday  appreciated Jammu and Kashmir Bank for its performance despite adverse business environment and expressed the hope that the Bank would achieve new highs in the years to come.

“Your performance has been commendable despite adverse business environment and we expect more from you. We would like you to continue your improvement. You are peoples’ Bank and your Corporate Social Responsibility (CSR) is stupendous”, he told the Chairman Jammu and Kashmir Bank and its top level officers at the presentation of handing over of dividend cheques for the State government by the Bank.

The Chief Minister said that Jammu and Kashmir Bank has a great role in socio-economic development and entrepreneurship development in the State and impressed upon the Bank to move extra-mile in this direction as also in the direction of fulfilling its CSRs.

Chairman J&K Bank, Mushtaq Ahmad presented two cheques for Rs. 128.88 crores to the Chief Minister on account of Platinum Jubilee Dividend to the State Government for the financial year 2012-13. The State Government owns over 53% of Bank’s shares and is the majority shareholder. In its Platinum Jubilee year the Bank approved special dividend of 500% to its shareholders.

In his initial remarks, Chairman J&K Bank revealed that the State Government has received Rs. 584.31 crores as dividend since the inception of Bank so far adding that out of this amount, over Rs. 282 crores has been received by the Government during last three years.

Mushtaq Ahmad said that the business of the Bank has increased from Rs. 63564 crores as on 30thSeptember 2010 to Rs. 104143 crore as on March 31, 2013 thereby registering a growth of 64%. He said the annual profits have more than doubled to Rs. 1055 crore as against Rs. 512 crore in March 2010.

The Chairman J&K Bank said the Bank has added 165 business units since October 2010 raising the number of branches to 6694. He said business branches have been opened in the far-flung, remote and un-bankable areas. He said ATM network has also been extended by adding 373 teller machines taking their total number to 682 from 309 in October 2010.

He said that with its focus on the overall development of the State, the Bank addresses the issue of finance and employment in a big way and is the sole financer for the State Government’s flagship schemes of Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY). He said J&K Bank has so far financed 1784 units under initiative which involves an amount of Rs. 120.12 crore. He said that 410 Kissan Credit Cards have been issued by the Bank till June 30, 2013 across the State involving Credit disbursement of Rs. 2146 crore. He said Bank has also distributed 24000 Artisan Cards and disbursed Rs. 141 crore among various categories of artisans.

Minister for Finance, Abdul Rahim Rather, Chief Secretary, Mohammad Iqbal Khandey, Chairman J&K Bank, Mushtaq Ahmad, Economic Advisor to the Government, Jalil Ahmad Khan, Principal Secretary Finance, B. B. Vyas and President J&K Bank, Abdul Rauf Bhat were present on the occasion among others.


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