The chairman and MD of the Jammu and Kashmir Bank, Rajesh Kumar Chhibber Thursday reassured all stakeholders that the bank’s business is not impacted in any manner by the recent developments and ongoing investigations undertaken by the State Anti Corruption Bureau (ACB).
According to a statement issued by the bank, he said thatthe bank is a unique institution, one of the oldest private sector banks of thecountry with a majority stake of the government of Jammu & Kashmir. Thebank enjoys a rich legacy in terms of the emotional equity of people ofJ&K, which will continue to anchor its journeys towards summit of success.The bank has strong fundamentals ranging from unmatched retail liabilityfranchise, capital base and sustained profitability, besides other consistentlyimproving financial indicators, he said.
“Bank has since its inception withstood multiple challengesespecially the difficult business environment of the last 30 years and seenconsistently growing business and profitability numbers with a one offexception of Financial Year 2017. The bank draws its strength from itscommitted, emotionally integrated workforce, the brand and emotional equity itenjoys in the state of J&K and the unflinching support from the J&KGovernment all of which remains intact,” the chairman said.
Elaborating on the bank’s business strategy and futuregrowth prospects, the chairman said that the bank continues to pursue itsenvisaged business goals adopting the well thought of strategic vision andplans. The bank has seen exponential growth in retail and small corporatebusiness in the previous quarter and plans to continue the momentum during therest of the quarters as well which would help it achieve the targeted 18- 20percent growth in credit in the current fiscal along with improved bottom-line.The bank has besides seen phenomenal success of multi-product businesscampaigns which have spurred sharp growth in housing, consumer and car loans.Bank remains aggressive in further promoting these products in the hugelyuntapped market of J&K to maximize the profitable growth numbers throughthese sectors.
The chairman said that the ongoing investigations undertakenby the Anti-Corruption Bureau (ACB) to look into the complaints of allegedirregularities in recruitments is an entirely separate track having absolutelyno impact on the routine business functioning of the bank. The chairman saidthat the endeavour is to continue enriching the experience of customers throughcontinuously evolving products and services including through digitalplatforms. This is translating into continuous growth in number of new on boardcustomers as well as the growing size of existing relationships.
The government and the board of the bank have time and againreiterated that the change of guard has been done to strengthen bank’sgovernance framework besides enhancing transparency and accountability in thefunctioning of the state’s premier institution. Besides the recent decisions ofthe board regarding splitting of the post of Chairman and Managing Director,adoption of RTI and CVC guidelines are aimed at improving governance functionin the bank so that it emerges as a better and stronger institution. The stateadministration has reaffirmed complete support to the bank besides underliningits commitment to take the bank to higher levels of efficiency.
There is completeconfidence that J&K Bank which has proved its mettle beyond doubtthroughout its illustrious journey of more than eight decades especially duringperiods of massive turmoil, immense floods and market mayhems shall come out with flying colours and shall emergeunscathed and better from the current situation as well.