JK Bank pays Rs 56 cr dividend to Govt
Srinagar, Oct 7: Chairman and CEO, J&K Bank Mushtaq Ahmad today presented a cheque worth Rs 56.70 crore on account of dividend for 2009-10 to the state government, the largest shareholder of the bank. Chief Minister Omar Abdullah received the cheque, the bank in a statement said.
With today’s payment the government, which owns over 53 per cent stock in the bank, has earned a total dividend income of Rs 284.44 crore since 1938.
As per the current market price government’s investment of Rs 53 crore in the Bank has appreciated to Rs 2,005 crore.
Being the principal banker to the state government, the J&K Bank continues to improve its services, expand its branch, and ATM network. “The Bank extends facilities to all its stakeholders that include a substantial number of government employees who receive their salaries through its extensive network of Business Units,” it said. The bank intends to increase its business portfolio in J&K by targeting un-banked sectors and intensify its programme of financial inclusion.
The bank is also partnering with the government’s economic initiatives for people empowerment which includes promotion of entrepreneurship, skill development and employment generation programmes.
Towards this end, the bank has recently entered into a tripartite Memorandum of Understanding (MoU) with the J&K government and J&K Entrepreneurship Development Institute (JKEDI) for providing loans to prospective entrepreneurs trained by the JKEDI under Sher-i-Kashmir Employment and Welfare Programme for Youth (SKEWPY) launched by the State Government on December 5, 2009.
Lastupdate on : Thu, 7 Oct 2010 21:30:00 Makkah time
Lastupdate on : Thu, 7 Oct 2010 18:30:00 GMT
Lastupdate on : Fri, 8 Oct 2010 00:00:00 IST
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