‘J&K Bank Functions as Responsible Corporate Citizen’



J&K Bank Corporate headquarters in  Srinagar. Pic: Bilal Bahadur
J&K Bank Corporate headquarters in Srinagar.
KL Image: Bilal Bahadur

J&K Bank envisages itself as a developmental institution central to the prosperity of J&K State and as such lays high emphasis on inclusive growth to bring into its fold the weakest sections of the society. And despite being a commercial organisation in nature, the bank is well known as a responsible corporate citizen, a company statement said on Saturday evening.

“All the policies of J&K Bank are driven by its commitment to socio-economic empowerment of the people in the state. However, entrepreneurship in the state has received a sustained and institutional focus from the bank since it took up the flagship scheme of state government, Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) as a “mission to carry the process to logical end’ after the inception of the scheme,” the statement added.

The bank has so far provided Rs 271.31 Cr as loans to 3791 budding entrepreneurs of the state, who are scripting new tales of success across the state, it informed.

“Out of the 8248 cases received from the Entrepreneurship Development Institute (EDI), the bank has processed and recommended 7934 cases back to EDI.”

Notably, the process of identification of the beneficiaries in all these cases besides incubation of new business ideas is exclusively done by EDI itself.

“Besides, the bank’s network of Rural Self Employment Training Institute (RSETI) has been training large number of rural youth of the state in various skill development courses like dress designing, mobile repairing, embroidery making etc,” the statement added, “after trainings, these youth are provided credit linkages through banks and their handholding continues till they earn livelihoods with dignity through self-employment.”

“So far, the bank’s 12 institutes have trained 19893 candidates out of which 4394have been provided credit linkage and have started their own small business ventures. Also 4064 candidates have self-financed their ventures while as 2791 have chosen wage employment in the sectors they received their trainings in.”

Moreover, the bank remains invested in the state in all the sectors of economy. The loans outstanding as on 31st December, 2015 of the bank stands at Rs 25587.38 Cr, which is 62.38 percent of the total credit deployed by all the banks operating in the state. Out of these, Rs 13241.07 Cr have been disbursed to priority sector and Rs 12346.31 Cr to the non-priority sector.

The bank has a robust appraisal and rating system with professional oversight in place, which is non-discriminatory in nature and scope.

“Meanwhile, J&K Bank takes pride in being socially conscious and focuses on projects under its corporate social responsibility (CSR) umbrella that bode well for the well-being of people and communities across various geographies of the State. Providing long-term and sustainable relief to people and initiating projects that offer better means of living, education and healthcare is a top priority for the Bank,” the statement further said.

“The Bank has in place Board approved Policy on Corporate Social Responsibility. The policy is available on the website of the Bank (http://www.jkbank.net). The statutory disclosures with respect to the CSR Committee and an Annual Report on CSR Activities forms part of the bank’s annual report. The bank undertakes all the CSR activities in line with the CSR Policy and in accordance of Schedule VII of the Companies Act, 2013.”


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