Chief Minister Mehbooba Mufti on Sunday said institutions are fundamental to the growth and development of every society in the world and the process of building robust institutions remain as challenging throughout as it is rewarding in the end.
"J&K Bank is one such institution of excellence that is at the heart of financial empowerment of the people of the state. I hope the bank continues to inspire our collective hope and meet peoples' expectations in every aspect of its functioning," said Mehbooba Mufti, who was accompanied by the Minister for Public Works Naeem Akhter.
She made these observations today after inaugurating the Currency Chest Complex at Kanispora Baramulla in presence of the J&K Bank Chairman and CEO Parvez Ahmed, MLA Baramulla Javeed Hassan Beigh, DDC Baramulla Dr Nissar Ahmad, General Manager RBI A K Mattu, General Manager NHPC Rayees Mian. The bank's Executive Presidents, Senior Presidents, Presidents, Vice Presidents and other senior officers were also present on the occasion.
"Establishment of the currency chest and cluster office here, I am told, will help in improving the services of the bank significantly for common man and the businesses of the district", she added.
Before the unveiling of ceremonial stone, Chairman Parvez Ahmed made a brief presentation to the Chief Minister about the currency chest wherein he asserted, "Opening of Currency Chest in Baramulla shall ensure the availability of cash in the district especially in far flung areas of Baramulla."
"Being the largest cash dispensing outlet in the entire north zone, the chest will cater to 88 business units of all banks operating in Uri, Baramulla, Handwara, Kupwara, Pattan, Tangmarg and other adjoining areas thereby improving their service delivery to the common people." he said.
Earlier in the day, Chairman Parvez Ahmed inaugurated the bank's Kashmir North Cluster Office – I in presence of Executive Presidents Vagish Chander, S S Sehgal, Abdul Rauf, Senior President Abdul Rashid, Presidents Abdul Rashid Shegan, Nishi Baru Zonal Head (North) Fayaz Siddiqui, Vice Presidents Arvind Gupta, Tabassum Nazir and Cluster Head Kashmir North – I Shahzad Hussain Teli .
Speaking on the occasion, Chairman said, "Since customer-convenience remains central to all our efforts, the establishment of Cluster Office which also houses a Currency Chest shall bring more efficiency to our operations in the zone."
"Earlier, due to distance and disturbance accentuated by the frequent traffic jams, the people had to face severe hardships for circulation of cash and other administrative issues. Now the cluster office along with the chest will ease out all those administrative and cash-related hassles faced by the people of the zone at large."
The Cluster Office housing the currency chest is situated at an ideal location in Kanispora, which is an upcoming township 5 KMs ahead of Baramulla town towards Srinagar.
With commanding presence on the Baramulla-Srinagar highway, the state-of-the-art building has been constructed adhering to "AAA" (Highest Security Standard) as per guidelines laid by the RBI for Currency Chests which are located within 80 Kms of LOC/International Border.
The chest is also equipped with high-end 24/7 security and surveillance systems besides fire detection and fighting system. The overall cost of the project, which includes cost of land and construction, has been worked out to Rs. 7 Crores.
Notably, Currency Chests are select branches of scheduled commercial banks, which are authorized by RBI to facilitate distribution of notes and coins. Currency chest Notes and coins are stocked in currency chest on behalf of the RBI.