Jammu & Kashmir Bank

Jammu and Kashmir Bank Limited
Company typePrivate
NSE: J&KBANK
BSE: 532209
Industry
Founded1 October 1938; 86 years ago (1938-10-01)
FounderMahraja Hari Singh
Headquarters
Srinagar, Jammu and Kashmir, India
Key people
Amitava Chatterjee
(MD & CEO)
Products
RevenueIncrease₹10,121 crore (US$1.2 billion) (2023)[1]
Increase ₹1,860 crore (US$220 million) (2023)[1]
Increase ₹1,181 crore (US$140 million) (2023)[1]
Total assetsIncrease ₹145,913 crore (US$17 billion) (2023)[1]
OwnerGovernment of Jammu and Kashmir
Number of employees
12,307 (2021)
Capital ratio12.20%[1]
Websitejkbank.com

Jammu & Kashmir Bank Limited (J&K Bank) is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir.[2] The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh. The bank registered a total business turnover of over ₹1750 billion as of 31 March 2021.

History

J&K Bank was founded on 1 October 1938, under letters patent issued by the then Maharaja of Jammu & Kashmir, Maharaja Hari Singh.[3]

Maharaja of Parmar Rajputs was invited as an investor by Maharaja of Jammu & Kashmir, Maharaja Hari Singh to become founding director and shareholders of the bank.[3]

The bank commenced banking business on 4 July 1939 and was considered the first of its nature and composition as a state-owned bank in the country.[4] The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.[4]

After the Indo-Pakistani War of 1947–1948, the princely state of Jammu and Kashmir was divided and two branches of the bank out of the then 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now in Azad Kashmir administered by Pakistan) fell to the other side of the Line of Control along with cash and other assets.

The bank is defined as a government company under the Indian Companies Act, 2013. In 1971, the bank acquired the status of a scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.[4]

Milestones

The bank celebrated its platinum jubilee in 2013. In that year, the bank achieved a total business of ₹1000 billion and earned a net profit of ₹10 billion.[5][6]

On 1 October 2018, the bank completed its 80 years of existence and a campaign under the theme “80 years of bonding – I pledge to strengthen it” was launched.[7]

On 1 July 2019, the bank surpassed a deposit base of ₹1000 billion with over 10 million customers.[8]

In July 2020, the bank ranked within the top four financial institutions in India for successfully meeting digital payment targets under the ‘Digital India’ mission.[9]

In August 2024, rating of bank was upgraded by India Ratings – a Fitch Group company and one of the india's leading rating agencies . Company in its report upgraded the long term issuer rating of the bank from INDA+ to INDAA- with a stable outlook for long term . [10]

Network

As of 3 June 2024, the bank maintains a network of 2400 touch points - 1001 branches and 1388 A[11] TMs, distributed across 18 states and 4 Union Territories. 804 of the branches are in the Union Territory of Jammu & Kashmir and 36 are in the Union Territory of Ladakh.

Within the Union Territories of J&K and Ladakh, the bank also operates a total of 75 Easy Banking Units (EBUs). 35 of these EBUs are situated in the Union Territory of Ladakh, while the rest operate in the Union Territory of Jammu & Kashmir.[citation needed]

Subsidiaries

J&K Bank provides investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in Gurgaon) besides having sales desks at 61 J&K Bank branches across the Union Territory of J&K.[citation needed]

Associate Bank

J&K Bank serves as the sponsoring bank for J&K Grameen Bank, holding a substantial 35% equity share. J&K Grameen Bank focuses on delivering a comprehensive range of financial services within the Union Territories of Jammu & Kashmir and Ladakh. Commencing operations on 30 June 2009, the associate bank operates across 11 districts in the Union Territory of Jammu & Kashmir, in addition to 2 districts within the Union Territory of Ladakh.[12]

Tie-ups

The bank partners with various national as well as multinational companies to promote and operate its financial services. Under Bancassurance, the bank collaborates with PNB Metlife to offer life insurance products, and joined forces with Bajaj Allianz and IFFCO Tokio to provide non-life insurance solutions.[13] The bank also established partnerships with Tata Motors,[14] Mahindra & Mahindra[15] and Maruti Suzuki[16] to market and offer its financial services.

Bank has also signed corporate agency agreement with LIC through which bank will service and solicit LIC’s life insurance products through its branch network.[17]

Corruption allegations

J&K Bank has faced repeated accusations of lacking transparency and accountability.[18][19] In 2019, the Anti-Corruption Bureau launched investigations into alleged corrupt practices by a number of bank officials, including former bank chairpersons Parvaiz Ahmad Nengroo and Mushtaq Ahmad Sheikh. Starting 2011, the accused allegedly installed over "2,500 backdoor appointments".[18][20][21]

In August 2020, the Enforcement Directorate (ED) claimed that the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, Hilal Rather, used money loaned from J&K Bank "to splurge on foreign tours and acquire personal assets in India, Dubai and the US." In relation to this, authorities conducted search operations at various sites in Srinagar, Jammu, Delhi and Punjab, but still it remains an allegation and nothing is proved beyond reasonable doubt as most of money has been money probably been siphoned off to Pakistan.He was allegedly working with Pakistan.[22][23][24]

See also

References

  1. ^ a b c d e " Archived 31 July 2021 at the Wayback Machine jkbank.com (March 2021).
  2. ^ Ashiq, Peerzada (8 June 2019). "Vigilance raids J&K Bank, hours after chairman was replaced". The Hindu. ISSN 0971-751X. Retrieved 6 January 2025.
  3. ^ a b Sharma, S. P. (16 June 2019). "Mired in controversies, J&K Bank finally comes under RTI Act". The Statesman. Retrieved 6 January 2025.
  4. ^ a b c Service, Statesman News (3 December 2018). "Does turning J-K Bank a PSU undermine Article 370?". The Statesman. Retrieved 6 January 2025.
  5. ^ Jammu and Kashmir Bank achieves ₹ one lakh crore business – Economic Times Archived 5 April 2013 at the Wayback Machine. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.
  6. ^ JK Bank vaults ₹1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT Archived 3 April 2013 at the Wayback Machine. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.
  7. ^ IMTIYAZ, SOFI (26 October 2018). "Celebrating eighty years of bonding". Greater Kashmir. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  8. ^ "Jammu & Kashmir Bank: Banking on profitability". Money Times. 22 May 2019. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  9. ^ KNS (15 July 2020). "KNS". www.knskashmir.com. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  10. ^ "India Ratings upgrades J&K Bank rating from INDA+ to INDAA-". 24 August 2024.
  11. ^ Desk, RK Online (22 August 2024). "J&K Bank's long-term issuer rating 'upgraded". Rising Kashmir. Retrieved 22 August 2024. {{cite web}}: |last= has generic name (help)
  12. ^ jkgb. "J&K Grameen Bank - Engendering Empowerment". www.jkgb.in. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  13. ^ "Statement on our relationship with Jammu & Kashmir Bank". www.iffcotokio.co.in. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  14. ^ www.ETAuto.com. "Tata Motors partners with J&K Bank for CV financing - ET Auto". ETAuto.com. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  15. ^ "Mahindra & Mahindra enters into preferred financier agreement with J&K Bank for Car Loans and Commercial Vehicle Finance". www.motoroids.com. 30 April 2013. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  16. ^ "Maruti Suzuki ties up with J&K Bank to provide financing solutions to dealers". 25 January 2024.
  17. ^ "J&K Bank signs corporate agency agreement with LIC". 15 March 2023.
  18. ^ a b Pandit, M. Saleem (23 December 2019). "2 ex-chairmen of J&K Bank arrested for graft". The Times of India. Archived from the original on 30 October 2020. Retrieved 8 August 2020.
  19. ^ PTI (7 August 2020). "J&K was a broken state, frauds were at unbelievable levels everywhere, says chief secretary". ThePrint. Archived from the original on 10 August 2020. Retrieved 8 August 2020.
  20. ^ "J&K Bank loan fraud: Anti-corruption bureau lodges FIR in ₹1,100 cr scam". Livemint. 20 October 2019. Archived from the original on 17 March 2021. Retrieved 8 August 2020.
  21. ^ Sharma, Arun (21 October 2019). "FIR against J&K Bank ex-chief, 23 others for Rs 1,100-crore fraud". The Financial Express. Archived from the original on 22 October 2019. Retrieved 8 August 2020.
  22. ^ "Ex-J&K Minister's Son "Siphoned Off" Loan Money To Travel, Buy Illegal Assets: ED". NDTV. 8 August 2020. Archived from the original on 8 August 2020. Retrieved 8 August 2020.
  23. ^ "ED raids 17 places over J&K Bank loan fraud case - Sentinelassam". Aentinel Assam. 7 August 2020. Archived from the original on 19 August 2020. Retrieved 8 August 2020.
  24. ^ "Bank fraud case: ED raids former J-K minister's son Hilal Rather". Hindustan Times. 6 August 2020. Archived from the original on 7 August 2020. Retrieved 8 August 2020.

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