Jammu and Kashmir Bank (J&K Bank) is an Indian public sector banking and financial services company. It is a State-owned bank with its headquarters in Srinagar, Jammu and Kashmir.J&K Bank, incorporated on October 1, 1938, was the first bank in the country to emerge as a state-owned bank.
Video Jammu & Kashmir Bank
History
The Jammu and Kashmir Bank was founded on 1 October 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh. The Raja had invited the eminent investors to become the founding directors and shareholders of the bank. The most notable of which were Pandit Sriniwas Magotra, Abdul Aziz Mantoo, Pesten jee and the Bhaghat Family, all of whom acquired major shareholdings.
The bank commenced the banking business on 4 July 1939 and was considered the first of its nature and composition as a State owned bank in the country. The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government. In year 1971, the bank had acquired the status of a scheduled bank and was declared as an "A" Class bank by the Reserve Bank of India in 1976.
The bank had to face serious problems at the time of independence when out of its total of ten branches two branches of Muzaffarabad, Rawalakot and Mirpur fell to the other side of the line of control (now Pakistan-administered Kashmir) along with cash and other assets.Following the extension of Central laws to the state of Jammu & Kashmir, the bank was defined as a government company as per the provisions of Indian companies act 1956.
Maps Jammu & Kashmir Bank
Income
The bank celebrated its platinum jubilee in the year 2013. To make the year remarkable, the bank achieved a total business of Rs 1000 billion and earned a net profit of Rs 10 billion. On 1 April 2013 the bank surpassed the target of promised Rs 1000 billion business and is confident of meeting its other annual targets as well in its Platinum Jubilee year.
On 15 May 2013, bank announced that it has achieved the target of promised Rs 10 billion profit for the FY 2012-13. The bank posted net profit of Rs 10551 million and business turnover of Rs 1034 billion for the FY 2012-13. In its Platinum jubilee year, the banks board of directors recommended special dividend of 500% or Rs 50 per share for 2012-13.
Profile
J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI's agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT. It is the sponsoring bank of J&K Grameen Bank.
Network
The bank's corporate headquarters is in Srinagar near TRC (Tourist Reception Centre). The bank has a network of 865 computerized bank branches and 1126 ATMs across the country as on 17 August 2017.
References
Recruitment 2015
External links
- Official website
Source of the article : Wikipedia
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