Consolidate bank’s functioning, clean up bad debts: Guv advises Chairman J&K Bank

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SRINAGAR: Governor, N N Vohra on Monday stressed J&K Bank’s ‘high responsibility’ to play a pivotal role in speeding up the growth and development of the state. Appreciating the functioning of the bank, he advised the bank chairman to “consolidate the bank’s functioning on every front and clean up all bad debts”.

Jammu and Kashmir Bank Chairman, Parvez Ahmed had called on the governor to apprise him about the bank’s achievement of increasing lending in agriculture, horticulture, handicrafts, hospitality & tourism, poultry, sheep & goat rearing and other sectors here at Raj Bhavan.

According to an official release, the bank has posted 20% credit growth in J&K state and is at the forefront in regard to the implementation of flagship schemes of Government of India under the Prime Minister’s Mudra Yojna (PMMY). During the last fiscal, the bank disbursed Rs 1540.00 crore to more than 83,000 beneficiaries.

The bank is planning a robust branch expansion by opening 200 business units during the current fiscal, and ‘specialised all women business units’ are being opened at Jammu and Srinagar. In view of the geographical bottlenecks in Ladakh the bank has launched a pilot project to link all the 111 villages of Leh district by opening a network of 34 ‘ultra small branches’ which are likely to become functional in early September 2018, read the release.

The bank affected recoveries of Rs. 2240 cr during the last financial year and has turned around with a profit of 202 cr for FY 17-18 as against a loss of 1632 cr in FY 16-17, it read.

Chairman J&K Bank further informed that “the bank has decided to create a specialised start up vertical which will serve as a one point access to facilitate and encourage entrepreneurs to start their own MSME units and other any businesses”.

The bank also initiated enhanced industry-academia partnership for which ‘academic excellence medals’ have been introduced for men and women toppers in all universities and chairs for professors for ‘rural innovation and start ups’ are proposed to be established in different universities, it added.

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