J&K Bank issues preferential shares to state government

GKNN
Jammu, Publish Date: Mar 21 2017 1:29AM | Updated Date: Mar 21 2017 1:29AM
J&K Bank issues preferential shares to state governmentFile Photo

Pursuant to the receipt of approval of the Reserve Bank of India for Capital Infusion in the bank, state government today infused its first tranche of Rs 250 crores into J&K Bank as additional capital from its Budgetary Allocation of Rs 530 crore for the purpose. 

The Board of the bank which met here today confirmed the news and informed that Preferential Allotment of shares equivalent to the capital infused has been made in favor of the Government of J&K today in its meeting specially convened for the purpose, a statement issued by the bank said.

The Board of the Bank through its Chairman Parvez Ahmed acknowledged the timely capital infusion which shall enable the bank to maintain the statutory Capital Adequacy Ratio mandated by the RBI for March 31.    

The Chairman & CEO Parvez told our correspondent that with the far sighted move of the  state government, the bank shall not only be able to successfully complete the Consolidation and cleanup of the Balance Sheet but will also be able to focus on its future business growth plans.

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