Recent unfortunate incidents and according to the bankers the bad handling by the investigative agencies has brought a dent in the image of J&K Bank. Former Chairman M.Y. Khan in an interview to the local media said that both government and the police who were investigating the case of J&K Bank have handled it badly and could have handled it in a much better manner. Having said that, J&K Bank and its officials have said that they will come out of this bad phase with their dedication and customer friendly schemes.
Recently Chairman and MD of the Jammu and Kashmir Bank, Mr. Rajesh Kumar Chhibber reassured all stakeholders that the Bank’s business is not impacted in any manner by the recent developments and ongoing investigations undertaken by the State Anti Corruption Bureau (ACB). He said that the Bank is a unique institution, one of the oldest private sector banks of the country with a majority stake of the government of Jammu & Kashmir. The Bank enjoys a rich legacy in terms of the emotional equity of people of J&K, which will continue to anchor its journeys towards summit of success. The Bank has strong fundamentals ranging from unmatched retail liability franchise, capital base and sustained profitability, besides other consistently improving financial indicators.
J&K Bank has since its inception withstood multiple challenges especially the difficult business environment of the last 30 years and seen consistently growing business and profitability numbers with a one off exception of Financial Year 2017. The Bank draws its strength from its committed, emotionally integrated workforce, the brand and emotional equity it enjoys in the State of J&K and the unflinching support from the J&K Government all of which remains intact.
Further elaborating on the Business Strategy and future growth prospects the Chairman said that the Bank continues to pursue its envisaged Business goals adopting the well thought of Strategic vision and plans. The Bank has seen exponential growth in retail and small corporate business in the previous quarter and plans to continue the momentum during the rest of the quarters as well which would help it achieve the targeted 18- 20% growth in credit in the current fiscal along with improved bottom-line.