JK Bank Not Scared Of Competition, Recovers More Than 90% Debt From Kingfisher: CEO

KL Report


Days after achieving the promised 1 lakh crore businesses in Platinum Jubilee year of the Bank, J&K Bank Chairman dispelled the notion that the Bank was scared of the open competition outside state.

“Our performance speaks for itself and we have achieved the target in-spite of slowdown in the domestic economy”, the visibly delighted Chairman and CEO, Mushtaq Ahmad told KNS. He added that the bank would continue to maintain the current performance levels.

At the landmark achievement, Chairman added that, he is delighted to express his gratitude to all its customers, promoters and staff of the bank.

“J&K Bank has evolved over the 75 years from modest origins to be acknowledged today as one of the leading and reliable financial institution in the country.” CEO said.

He added that it would be a challenge for the management to hold on to the reputation and further build upon this status.

Speaking about the Bank’s stringent NPA recovery regime, the Chairman & CEO revealed that the bank has recovered more than 90 per cent of debts from the grounded Kingfisher airlines, and the remaining portion pending with the airlines is also safe and secured through sufficient securities.

Maintaining that Bank would not only open more branches and ATM’s to expand its operation  in the otherwise inaccessible areas, Mushtaq Ahmad said, that the premier financial institution was also mulling to undertake a recruitment drive to provide employment to the unemployed educated youth of the state.

“We are expanding our branch network in J&K state as well as in other parts of the country. We have got licenses to open branches in Metropolitan Cities like Delhi, Mumbai and Bangalore,” said CEO, adding that the bank was aiming to touch the 1,000 branches mark by financial year 2014-15.


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