PHD Chamber of Commerce and Industry Kashmir (PHDCCI) on Tuesday felicitated J&K Bank Chairman and CEO Parvez Ahmed for steering the Bank out of a tumultuous phase and spurring it to a profit of Rs 464 crore in the financial year 2018-19.
A delegation of the chamber led by Chairman Mushtaq Chayapresented souvenirs to the Chairman to mark the remarkable turnaround of theBank from a loss of 1632 crores rupees in the financial year 2016-17 to eightconsecutive quarters of profitability, thus strengthening further the top andbottom-line of the Bank besides redirecting the flow of credit to theproductive sectors of the state economy.The Chairman PHD Chamber of Commerceand Industry Kashmir alongwith his team commended the vision of the Chairman toproject a profit of 2000 crore rupees by the year 2022.
The delegation that included Co-Chairmen Baldev Singh Rainaand Zahoor Ahmad Tramboo extolled the Chairman and his team for mitigating thecrisis and steering the Bank out of the red zone in the “quickest possibletime” besides concurrently providing employment opportunities to the youth ofthe state.
Speaking on the occasion, the Chairman acknowledged theunflinching trust of the business community in the brand JK Bank and said,” Ifeel humbled by the magnanimity, love and affection shown by the members of theBusiness fraternity today and on earlier occasions.”He emphasized on thenecessity to leverage ‘Brand J&K Bank’as an instrument for the overallsocio-economic development of the state and beyond. Adding that the trust andfaith showed by the people of the state needs to be reciprocated by bringing ina perpetual cycle of prosperity.
“While financing in the state of J&K and beyond, we needto ensure that our objective of ‘Serving to Empower’ is met. Employmentgeneration is to be ensured besides promoting the business community byproviding growth capital in a hassle free manner,” he said.
Reiterating the trust reposed by the people of J&K statein the state’s premier financial institution, the delegation expressed afeeling of pride for being associated with the Bank which, they said, “is theonly bank they bank upon” and a buttress to the trade and the businesscommunity. They requested the chairman to introduce schemes for the developmentof sports and medical infrastructure, promotion of education sector as well aspoultry and sheep segments on the lines of the famed indigenous Apple FinanceScheme of the Bank.
Assuring unstinted support to the business fraternity, theChairman enjoined the business community to inculcate a start-up culture andoffer maximum support and handholding to the budding entrepreneurs at theinception phases. On behalf of JK Bank, he assured that the Bank will surely bepart of the journey of the new entrepreneurs. He urged upon the businesscommunity for focussing on development and rejuvenation of the local tourism inview of the huge potential to create employment due to its multiplier effect onthe economy. He asserted that positive thinking was the need of the hour andthe businesses should diversify yet be cohesive and complement each other.
Other attendees present on the occasion included ChairmanTourism and Golf PHDCCI Vicky Shaw, Chairman FMCG and Taxes Jan MohdKoul,Chairman Education and Food processing ShowkatChoudhary, Chairman SportsCommittee Tariq Rashid Ghaani, Co-Chairman Sports Committee Shahana Fatima,Co-Chairman Health and Energy Committee Kaiser Mir, Co-Chairman Young BusinessLeaders Forum Adnan Shah and Regional Manager J&K Iqbal Fayaz Jan.
Notably, the bank has also established a dedicated resourcefor the grievance redressal of the trade and business community as a SinglePoint of Contact (SPOC) in its Corporate Headquarters.