J&K Bank’s growth trajectory to continue: Chairman

Urges people not to pay heed to rumours spread on social media Urges people not to pay heed to rumours spread on social media
J&K Bank’s growth trajectory to continue: Chairman
File photo of R K Chhibber

Commenting on the current scenario, J&K Bank Chairman and Managing Director, Rajesh Kumar Chhibber on Thursday said that J&K Bank is in the 'green zone' and continues to show resilience in the otherwise turbulent times for the banking industry.

Urging the people not to pay heed to the 'rumours beingcirculated on social media' he said, "The Bank is actively implementing itsgrowth strategy that includes deepening its footprints within the state besidesopening branches at strategic locations in rest of the country."

He said the focus would continue on improvement ofgovernance and compliance culture in the bank.

"J&K Government, majority stakeholder of the bank isfully supporting the bank, apart, bank also has full support of the regulators.To ensure greater transparency significant steps have been taken by the bankthrough implementation of the RTI Act and adoption of CVC guidelines. The bankas of now has an adequate capital base but in case need arises bank can raisecapital to meet its requirements. On management and improvement of assetquality bank pursues an ambitious recovery and containment plan to ensure minimalslippages besides targeting substantial reduction in NPAs", he said.

Delineating the business figures of the bank in the comingquarters, the Chairman said, "The envisaged business of the bank is expected togrow to around Rs1.88 lakh crore by March 2020 with total advances and depositsprojected to increase to around Rs 85000 crore and Rs 1.03 lakh crorerespectively during the current financial year."

He said the bank plans to open more branches duringFinancial Year 2019-20 in addition to increasing the network of ATMs.

Assuring the customers and other stakeholders that theirinterests are completely safe while banking with J&K Bank, the chairmanasserted that the bank remains committed to dispense best-in-class service onall fronts besides continuing on the growth trajectory.

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