Long Journey

To mark its 75th year in operation, Jammu and Kashmir Bank is presently celebrating its Platinum Jubilee. Incorporated in 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh, the major shareholdings of the bank were initially acquired by eminent Kashmiri investors who became its founding directors. The 75-year long journey for the bank has not been a cakewalk. The success to it has come only after facing — and productively dealing with— the multiple challenges that came its way particularly during the days of its infancy. The first major jolt to the bank came in the wake of partition, when two of its 10 branches fell to the other side of the line of control along with assets and cash. Since the revival of the trade across LoC in 2008, there has been a great demand from the traders of the two sides to restore the trans-LoC banking relations to facilitate trade. The bank is all set to achieve Rs 1000 cr net profit and Rs 100,000 cr business target by March 2013. The bank has registered a net profit of Rs 515.62 in the first six months ended September 2012. For the second quarter, it has registered a net profit of Rs 269.53 crore. Among the strengths of the bank today are: Its deep penetration in the state, a reasonably loyal mass regional clientele, widespread credit distribution, minimal NPAs, strong banking fundamentals, etc. The success story of this institution should in fact be a guiding force for other public sector undertakings in the state to come out of the red. However, the amazing results it has seen in past about two decades, should not lead it to complacency. The banking sector in India is beset with stiff competition. Even as it has weathered the recession that saw many giant financial institutions across the globe— particularly in Europe and America— going belly-up, the rising competition in the sector is something that it cannot simply ward off. The bank has still to work a lot to enhance its service delivery mechanism, add up to its human resource sophistication, invest in infrastructure, and bring about a positive change in its overall working system.

Lastupdate on : Tue, 1 Jan 2013 21:30:00 Makkah time
Lastupdate on : Tue, 1 Jan 2013 18:30:00 GMT
Lastupdate on : Wed, 2 Jan 2013 00:00:00 IST

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