J&K Bank is thinking about ways in which it can make a difference to the lives of people. We believe that making a difference and making profits cannot be exclusive and once we have found the magic mantra, J&K Bank will have discovered itself and found a place in the global banking landscape.
This was stated by Dr. Haseeb A. Drabu, Chairman and Chief Executive of the J&K Bank on the occasion of the Bank's 69th Annual General Meeting held at SKICC here today.
The Bank announced a dividend payment of 115 percent to its share holders, after being approved in the meeting. The shareholders were also apprised of the remarkable performance in core areas of business.
In his address to the shareholders, Dr. Haseeb A Drabu, who completed two years in office today, said, "Our mission is to empower the people of J&K. Within the framework of this approach, we cannot now conceive strategies for the Bank, which have little or no connection with the people of J&K. In the past we have tried to maximize profits without directly linking it to the impact on the welfare of the society as a whole. What we need to do now is to combine the sensibility of the social enterprise with the form of a for-profit business."
Maintaining that J&K Bank was there with a mission to serve the society by empowering people of the state Dr. Drabu said, "Our overriding mission as a corporation is to use our core competency to serve and empower the people of the state in general and entrepreneurs in particular, rather than serving them as an afterthought. An empowering approach to banking in the state will create a link between the supply and demand sides of development. A demand side approach to improving governance focuses on educating, informing and enabling citizens and poor people's organizations so that they can interact effectively with their governments."
Reiterating his commitment to make the J&K Bank a global brand, Dr. Drabu said that Bank is working towards building a unique business model with special emphasis on product offering and global service standards. Referring to the overwhelming interest that FIIs are showing in the Bank Dr. Drabu said, "Some of the biggest names in the world figure in the sixty plus funds that have invested in the Bank. The list is truly international, with funds from USA, Europe, Singapore, Japan, Sweden, Mexico and Spain, having investments valued at more than $300 million in the Bank." Eulogizing the emotional attachment and trust that people of the state have vis-avis J&K Bank Dr. Drabu said, "As it is, J&K Bank is much more than a mere bank for the people of the state. Not only is it the most successful company of and from the state, it is a citadel of our civil society. Going beyond that, it is a testimony of the competencies of the people of the state in the building of a national institution." Dr. Drabu stressed upon moving away from rigid hierarchies and power structures to focusing on egalitarianism and individual worth he said, "The most important change is to move away from trying to govern to trying to serve. Our values tend to emphasize rigid hierarchies and power structures, when we should be focusing on egalitarianism and individual worth. We have to eschew the common top-down hierarchical style, and instead emphasize collaboration, trust, empathy and the ethical use of power." A presentation on the all-round business performance of the bank was followed by a two-hour long interactive session between the shareholders and the Bank management. A corporate film was also screened on the occasion highlighting various initiative of the bank for the overall development of the J&K State. The interaction was open with shareholders speaking their heart out and raising queries, which were exhaustively responded to by the Chairman and other top officials of the Bank, thereby complimenting what Chairman earlier said;. "We have, in the years gone by, spoken much about our achievements and ourselves; now we must, as an organization, lead the campaign to listen; listen to our customers and our constituents." Among others who were present on the occasion included members of the Board of Directors of the Bank Mr. B. B. Vyas, Commissioner Secretary, Finance Department, J&K Government, Mr. Abdul Rouf Fazili & Mr. Mushtaq Ahmad, Executive Directors of the Bank, Mr. M. S. Verma, Mr. G. P. Gupta, Mr. B. L. Dogra and Mr. Umar Khursheed Tramboo. Besides, Executives of the Bank and other personalities were also present on the occasion. Mr. Muhammad Yaseen Mir retired as Director of the Bank by rotation today.