Despite tough times over the last 22 years, J&K Bank, as an ambassador of the state of J&K, has made a mark worldwide with its outstanding progress, performance and proficiency. We have given business a new dimension by showing to the world as to how businesses are run in challenging circumstances. When banks operating here downed their shutters, we pulled them further up – stood by the people, did business, made and shared profits.
This was stated by Tafazal Hussain, Executive President, J&K Bank at a customer meeting after he inaugurated the renovated and new-look premises of bank's business unit Soura here today.
Describing people of the state's support to and loyality for J&K Bank as the anchor of Bank's growth story, Tafazal said, "J&K Bank owes its growth and success to the decades old trust of its prime stakeholders i.e., the people of J&K. You have stood by this institution all along its inception and I must say the place it enjoys in the banking industry today is a tribute to your persistence and perseverance".
Acknowledging the support of succesive state governments, Tafazal described the decision of the then head of the state to provide grant-in-aid of Rs6 lacs shortly after the happenings of 1947, which led to the Bank's bifurcation, as a visionary step. "That provided the much needed cushion to the institution and turned out to be a real launching pad for this great institution". Stating that J&K Bank is not averse to competition but believes in a healthy competition that is in line with the established standards, Tafazal said that competition should contribute to the peoples' empowerment and state's economy, otherwise it amounts to treachery with people of J&K.
He urged people to think and understand the implications of this unhealthy trend. "You need to understand why other banks are not lending in the state. They are just busy in accumulating deposits from here and later lend this money somewhere else".
"Branch strength of J&K Bank in J&K state is 34% of the total branch network of all banks but our share in state's economy is more than 70%. Figures of credit dispensation in different sectors of economy are self explanatory. We have outperformed others in all sectors. Our credit dispensation to education has been 90% of the total credit pumped into the sector while rest 10% has been done by all other banks put together. Same is the case with other sectors. That is why we say that J&K Bank is your bank.
The idea behind providing heavy discount on various transaction charges, concessions on commissions and hasle-free financing is to remind you that your organization believes in shared earnings, he added.
Tafazal revealed that 2013, which happens to be the Bank's Platinum Jubilee, shall be an eye-opener on varied fronts and at all levels. "Be it financuial inclusion, financial literracy, credit dispensation, credit counselling or CSR initiatives, we are working out a comprehensive strategy to bring ease to you on individual level, contribute to your empowerment and play a significant role in boosting the state's economy", he said.
Speaking on the occasion Bashir Ahmad Lone, Bank's President and Head Kashmir Central urged upon the customers to provide valuable feedback to the Bank. "We don't see the purpose of customer meets being served by applauds and appreciations, rather we consider you our guides and mentors. Your suggestions hold value for us as they show us a way forward", he said.
Seeking peoples' cooperation, Lone said, "We have all along been loyal to you and expect you to be loyal to J&K Bank, your own institution".
Others present on the occasion included Abdul Rashid Shigan, Bank's Vice-President, Ghulam Rasool Sofi, MLC, Mohammed Amin Khan, Bank's Cluster Head, Vaqar-ul-Mulk Nazqi, Bank's Marketing Head, Ghulam Ahmad Bhat, head b/u Soura, Dr Nazira and Sheikh Mohammed Iqbal.