14th July 2011
Srinagar
CM e-inaugurates 10 BU's, 41 ATMs and roll-over of 12 BU's to CBS. <i>Says J&K Bank is a phenomenal product anyone can associate with</i>
It is with great sense of satisfaction and happiness that I am inaugurating such a good number of J&K Bank's Business Units (BU) and ATMs after a gap of 9 years. I hope these Business Units, apart from being commercially a success, fulfill aspirations of the people these serve.
This was stated by Chief Minister Mr. Omar Abdullah today amid thunderous applause after he clicked thrice to inaugurate 41 ATMs, 10 new J&K Bank Business Units (BU), and roll-over of 12 BU's to Core Banking Solutions (CBS) platform.
Also present on the occasion were Speaker Legislative Assembly Mr. M Akbar Lone, Minister of Higher Education Abdul Gani Malik, MoS Home Mr. Nassir Aslam Wani, Advisors to CM Mr. Mubarak Gul, Mr. Devender Singh Rana, Directors J&K Bank Prof. Nissar Ali, Mr. Abdul Majid Mattoo, Mr. M I Shahdad.
Commenting upon performance of the Bank, Chief Minister said, "J&K Bank is a phenomenal product anyone can identify and associate with as client, employee or from management or as an owner. Besides the Bank's capable leadership, every single employee of the Bank contributes blood, sweat and tears to its continuing success. From its core functioning to Corporate Social Responsibility, J&K Bank is doing a tremendous job in the state."
Stating that while J&K Bank's network and emotional equity in the state of J&K was giving the Bank a monopolistic advantage and that he would like to see the J&K Bank grow stronger, Chief Minister said, "While your monopolistic advantage helps you grow more but that, in a sense, gives you additional responsibility. More volume of credit disbursement is expected from you in the state."
Chief Minister urged the Bank to improve upon the figures of credit disbursement within the state while acknowledging the associated reservations in certain areas. He said, "Along with the growth of deposits the bank should also look for ways to disburse more credit to the needed sectors of economy for if J&K Bank doesn't do it then nobody else will."
Commenting on the J&K Bank Financial Services Company Ltd, a recently launched subsidiary of the Bank Chief Minister hoped that it would meet the expectation levels of the customers. "It is a welcome step and looking at its potential I believe it can be a major profit earner for the Bank".
Hailing Bank's CSR policy and initiatives Chief Minister said, "It is extremely heartening to see how much J&K Bank does under its CSR. The Bank's contribution is immense in promotion of sports, organizing social functions and development of parks and gardens and all sorts of useful infrastructure. I must say, it is not a bank that earns profits and runs from here. Any investment in J&K Bank is a worth investment".
The Chief Minister further said, "I look forward to promote and project J&K Bank everywhere I get an opportunity to do so."
In his keynote address Chairman and CEO J&K Bank Mr. Mushtaq Ahmad welcomed the Chief Minister along with distinguished dignitaries to the inaugural ceremony. He thanked the CM for his kind support and guidance to the bank.
Speaking on the occasion, he gave a brief over-view of the Bank's current business plan and its expanding infra-structural status.
He said, "Today with the addition of 10 new BU's, 41 ATMs the total number of Bank's BU's would reach to 585 while that of ATM's to 415. For all of us, it is a historic moment because today J&K Bank will have 1000 delivery points in the country."
He said, "J&K Bank has devised an economically inclusive plan wherein by March 2015 the Bank has volunteered to provide banking facilities to 3000 under/unbanked areas across the state."
Further explaining the business plan, the Chairman said, "2013 happens to be the Bank's Platinum Jubilee year and we have promised our clients, stakeholders and J&K society that by 2013, we would achieve the business target of Rs one lac crores with profit of Rs one thousand crore. And we are very much on track to achieve these targets."
He also promised better performance on Sher-i-Kashmir Employment Welfare Programme for Youth (SKEWPY). He said, "The Bank would take up the scheme with missionary zeal. The Bank will organize seminars in all the districts of state to make youth aware of the benefits of this welfare oriented scheme of the state government."
The Bank has also established 582 Khidmat Centers out of 1100 so far. The rest are in the progress and will be operational as soon as possible, he added.
By March 2012, the Bank would have 600 ATMs in operations, he said.
In the end, J&K Bank President Mr. Tafazal Hussain presented vote of thanks.
Also present on the occasion were Speaker Legislative Assembly Mr. M Akbar Lone, Minister of Higher Education Abdul Gani Malik, MoS Home Mr. Nassir Aslam Wani, Advisors to CM Mr. Mubarak Gul, Mr. Devender Singh Rana, Directors J&K Bank Prof. Nissar Ali, Mr. Abdul Majid Mattoo, Mr. M I Shahdad.
Commenting upon performance of the Bank, Chief Minister said, "J&K Bank is a phenomenal product anyone can identify and associate with as client, employee or from management or as an owner. Besides the Bank's capable leadership, every single employee of the Bank contributes blood, sweat and tears to its continuing success. From its core functioning to Corporate Social Responsibility, J&K Bank is doing a tremendous job in the state."
Stating that while J&K Bank's network and emotional equity in the state of J&K was giving the Bank a monopolistic advantage and that he would like to see the J&K Bank grow stronger, Chief Minister said, "While your monopolistic advantage helps you grow more but that, in a sense, gives you additional responsibility. More volume of credit disbursement is expected from you in the state."
Chief Minister urged the Bank to improve upon the figures of credit disbursement within the state while acknowledging the associated reservations in certain areas. He said, "Along with the growth of deposits the bank should also look for ways to disburse more credit to the needed sectors of economy for if J&K Bank doesn't do it then nobody else will."
Commenting on the J&K Bank Financial Services Company Ltd, a recently launched subsidiary of the Bank Chief Minister hoped that it would meet the expectation levels of the customers. "It is a welcome step and looking at its potential I believe it can be a major profit earner for the Bank".
Hailing Bank's CSR policy and initiatives Chief Minister said, "It is extremely heartening to see how much J&K Bank does under its CSR. The Bank's contribution is immense in promotion of sports, organizing social functions and development of parks and gardens and all sorts of useful infrastructure. I must say, it is not a bank that earns profits and runs from here. Any investment in J&K Bank is a worth investment".
The Chief Minister further said, "I look forward to promote and project J&K Bank everywhere I get an opportunity to do so."
In his keynote address Chairman and CEO J&K Bank Mr. Mushtaq Ahmad welcomed the Chief Minister along with distinguished dignitaries to the inaugural ceremony. He thanked the CM for his kind support and guidance to the bank.
Speaking on the occasion, he gave a brief over-view of the Bank's current business plan and its expanding infra-structural status.
He said, "Today with the addition of 10 new BU's, 41 ATMs the total number of Bank's BU's would reach to 585 while that of ATM's to 415. For all of us, it is a historic moment because today J&K Bank will have 1000 delivery points in the country."
He said, "J&K Bank has devised an economically inclusive plan wherein by March 2015 the Bank has volunteered to provide banking facilities to 3000 under/unbanked areas across the state."
Further explaining the business plan, the Chairman said, "2013 happens to be the Bank's Platinum Jubilee year and we have promised our clients, stakeholders and J&K society that by 2013, we would achieve the business target of Rs one lac crores with profit of Rs one thousand crore. And we are very much on track to achieve these targets."
He also promised better performance on Sher-i-Kashmir Employment Welfare Programme for Youth (SKEWPY). He said, "The Bank would take up the scheme with missionary zeal. The Bank will organize seminars in all the districts of state to make youth aware of the benefits of this welfare oriented scheme of the state government."
The Bank has also established 582 Khidmat Centers out of 1100 so far. The rest are in the progress and will be operational as soon as possible, he added.
By March 2012, the Bank would have 600 ATMs in operations, he said.
In the end, J&K Bank President Mr. Tafazal Hussain presented vote of thanks.