2nd May 2011
Srinagar
J&K Bank to hit Rs.85000 cr business by March 2012.<i>Focus on J&K</i>
J&K Bank shall put in special efforts to further improve its growth and rural penetration by working on a multi-pronged strategy. The emphasis on massive financial inclusion, network expansion, renewed focus on streamlining priority sector lending and to further improve the key financial ratios are going to be the main thrust areas of the bank to surpass an ambitious business figure of Rs.85000 crores during the financial year March 31, 2012.
This was revealed by Mushtaq Ahmad, Chairman & CEO, J&K Bank at a high level business conference of the bank's top management here at Bank's Corporate Headquarters today. The marathon meeting in which all zonal heads of all business zones across the country attended, deliberated about the bank's outlook and finalized the Bizplan for the FY 2011-12. The meeting was also attended by the two Executive Directors, Presidents and Vice Presidents of the bank.
Embarking on the Bank's vision, the plan envisages a deposit target of around Rs.53000 crore, up by around 22% as compared to average of 11.5% growth during the previous two years. Likewise, Advances have been projected at around Rs.32000 crores with growth rate of 27% against the average of 16.5% for the previous two years.
The CD ratio has been placed at 64% against the 60% during the previous year.
Eyeing a business of Rs.100000 crores and a net profit of over Rs.1000 crores by March 31, 2013, coinciding with its Platinum Jubilee celebrations, the bank has planned major initiatives to shore up among other things non-interest income, ensure higher levels of operational efficiency by improving employee output, controlling costs and preventing revenue leakages.
Stressing on the need to bring unbanked and underserviced areas within the ambit of banking on modern lines, Chairman announced that the Bank shall adopt 903 villages under its Financial Inclusion campaign.
Though Bizplan calls for a healthy ratio of priority sector lending, Mushtaq laid emphasis on streamlining of credit dispensation towards Government Sponsored schemes especially the Seed Capital Fund Scheme recently launched under the Sher-i-Kashmir Employment & Welfare Programme for Youth (SKEWPY). "Let unemployed youth explore the self-employment opportunities by availing Government Sponsored schemes which come with huge interest subsidy, relaxation in security and easy repayment options", Mushtaq said, adding J&K Bank envisions to act as a catalyst in the peoples' urge for better economic future.
Apart from improving Bank's technology enabled services, Chairman revealed bank's plans to increase its branch andATM network to 600 each. He further stressed on the need to improve customer service for achieving higher levels of customer delight.
The fresh initiatives in marketing, as emphasized in the Biz Plan, include mobilisation of business from NRI's hailing from J&K, increasing credit-card base, introduction of speed remittance facilities and aggressive selling of third party products.
This was revealed by Mushtaq Ahmad, Chairman & CEO, J&K Bank at a high level business conference of the bank's top management here at Bank's Corporate Headquarters today. The marathon meeting in which all zonal heads of all business zones across the country attended, deliberated about the bank's outlook and finalized the Bizplan for the FY 2011-12. The meeting was also attended by the two Executive Directors, Presidents and Vice Presidents of the bank.
Embarking on the Bank's vision, the plan envisages a deposit target of around Rs.53000 crore, up by around 22% as compared to average of 11.5% growth during the previous two years. Likewise, Advances have been projected at around Rs.32000 crores with growth rate of 27% against the average of 16.5% for the previous two years.
The CD ratio has been placed at 64% against the 60% during the previous year.
Eyeing a business of Rs.100000 crores and a net profit of over Rs.1000 crores by March 31, 2013, coinciding with its Platinum Jubilee celebrations, the bank has planned major initiatives to shore up among other things non-interest income, ensure higher levels of operational efficiency by improving employee output, controlling costs and preventing revenue leakages.
Stressing on the need to bring unbanked and underserviced areas within the ambit of banking on modern lines, Chairman announced that the Bank shall adopt 903 villages under its Financial Inclusion campaign.
Though Bizplan calls for a healthy ratio of priority sector lending, Mushtaq laid emphasis on streamlining of credit dispensation towards Government Sponsored schemes especially the Seed Capital Fund Scheme recently launched under the Sher-i-Kashmir Employment & Welfare Programme for Youth (SKEWPY). "Let unemployed youth explore the self-employment opportunities by availing Government Sponsored schemes which come with huge interest subsidy, relaxation in security and easy repayment options", Mushtaq said, adding J&K Bank envisions to act as a catalyst in the peoples' urge for better economic future.
Apart from improving Bank's technology enabled services, Chairman revealed bank's plans to increase its branch andATM network to 600 each. He further stressed on the need to improve customer service for achieving higher levels of customer delight.
The fresh initiatives in marketing, as emphasized in the Biz Plan, include mobilisation of business from NRI's hailing from J&K, increasing credit-card base, introduction of speed remittance facilities and aggressive selling of third party products.