Jammu & Kashmir government today infused Rs 500 crore capital in J&K Bank to bring it in line with the Basel-III requirements. The government had already set aside the amount meant for equity infusion or recapitalization of the bank.
Bank’s Chairman and Managing Director (CMD) Rajesh KumarChhibber expressed his gratitude to the government, particularly the LieutenantGovernor Girish Chandra Murmu, for timely infusion of the capital.
The CMD said, “Besides improving the bank’s capital adequacyunder the Basel-III norms, the capital infusion will substantially improve itsrisk bearing capacity. Now the bank will be in a position to revise its lendingpolicies particularly towards the retail segment like housing, education,government sponsored schemes, agriculture, etc.”
While acknowledging the government’s support, he said as thepromoter and majority stakeholder of J&K Bank, the government has remainedever committed in its support towards the bank and the capital infusion isanother glaring example of the same.
“The infusion will translate into growth and expansion andat the same time boost the confidence of all other stakeholders in the bank, hesaid.