State’s economic prosperity connected to J&K Bank’s financial soundness: Principal Secy Finance

State’s economic prosperity connected to J&K Bank’s financial soundness: Principal Secy Finance

Bank starts treasury operations centre in Srinagar

"J&K Bank plays a very important role in the economic development of J&K state and the economic prosperity of the state is interwoven with the financial soundness of the J&K Bank. It is an instrument of financial management in the state and this bestows a great responsibility on the J&K Bank team. I congratulate the bank for registering excellent profit growth for the last fiscal and we would like to see J&K Bank as one of the best banks in the country in future."

This was stated by the Principal Secretary Finance, ArunKumar Mehta after inaugurating the bank's relocated Treasury Operations Centrefrom Mumbai to the state of the art premises in Srinagar in presence of theChairman and CEO, J&K Bank Parvez Ahmed, members of the bank's Board ofDirectors, Bank's Executive Presidents and Management team of the Bank,according to a spokesperson of J&K Bank.

The Principal Secretary also advised the bank to aim forimprovement in the risk profile of the bank besides decreasing the NPAs keepingin view the systemic importance of the bank in the state. He urged upon theoperational staff to work passionately, simultaneously moving up the ladder ofknowledge acquisition & capacity building besides living up to the hugetrust reposed by the people in J&K on the bank.

Speaking on the occasion, the Chairman Parvez Ahmed said,"The advancement of information technology has made geographies irrelevant andwith latest IT infrastructure it is possible to seamlessly operate TreasuryOperation from anywhere in the country. Considering this fact, the decision ofshifting the Treasury to Corporate Headquarters was taken so that bettercontrol, fast decisions coupled with a stable pool of resources would ensure transformationand evolution of Treasury into a vibrant profit making centre."

Thanking the Principal Secretary Finance and other membersof the Board for their constant support and guidance in bank's endeavours, theChairman highlighted the critical role of the treasury towards realizing theBank's Vision-2022 by amplifying its profits besides enabling it to retain astable pool of resources, made possible by its shifting to Srinagar.

Acknowledging the exemplary role played by the retired aswell as in-service employees in the establishment and management of theTreasury Operations at different periods of time, the Bank felicitated itsex-employees who managed the affairs in various capacities during their stintat the Bank's Treasury Operations in Mumbai. Momentos were presented on theoccasion to retired presidents Fazl e MehboobGani, Mohammad Amin Mir, retiredvice presidents Gulam Ahmad Bangroo, Bashir-ul- Islam, Mohammad Sultan Kaboo,Mushtaq Ahmad Mir, Aftab Ahmad Qazi, Khurshid Ahmad Faziliandretired AVPMohammad Shafi Sheikh by Principal Secretary Finance.

Stressing on the importance assumed by the Treasury in termsof the commodities and assets, Executive President P K Tickoo dubbed working init as a "coveted assignment" while as Executive President R K Chibber urged thestaff to come to the expectations of the management in helping it achieve thedesired targets.

Treasury operation is a critical function with its rolespanning over domestic money and capital market activities as well as theinternational FOREX markets. It also plays an important role in the managementof liquidity on day to day basis besides handling the bank's investments insecurities, foreign exchange, asset/liability management and cash instruments.

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