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

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 being circulated on social media’ he said, “The Bank is actively implementing its growth strategy that includes deepening its footprints within the state besides opening branches at strategic locations in rest of the country.”

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

“J&K Government, majority stakeholder of the bank is fully supporting the bank, apart, bank also has full support of the regulators. To ensure greater transparency significant steps have been taken by the bank through implementation of the RTI Act and adoption of CVC guidelines. The bank as of now has an adequate capital base but in case need arises bank can raise capital to meet its requirements. On management and improvement of asset quality bank pursues an ambitious recovery and containment plan to ensure minimal slippages besides targeting substantial reduction in NPAs”, he said.

Delineating the business figures of the bank in the coming quarters, the Chairman said, “The envisaged business of the bank is expected to grow to around Rs1.88 lakh crore by March 2020 with total advances and deposits projected to increase to around Rs 85000 crore and Rs 1.03 lakh crore respectively during the current financial year.”

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

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