Jammu and Kashmir Bank today received approval from the Reserve Bank of India (RBI) for its wholly owned subsidiary "JKB Financial Services Ltd.", to undertake the many more activities in addition to Stock Broking.
The services approved by the RBI are Depository Services, Distribution of Insurance (both life & non-life), Distribution of Mutual Funds, Collection of Utility Bills and Distribution of Credit Cards.
The company shall not only provide the latest and comprehensive financial services to the common people of J&K but also has good prospects of employment opportunities for the educated youth of state.
Notably, JKB Financial Services Ltd., the only Subsidiary of J&K Bank was incorporated in 2008 with paid up capital of Rs. 5 crore, to carry the Stock Broking Activity.
The incorporation of the Company followed the Bank's decision to shift its para banking activities to it so that core banking activities are focused upon completely.
"With the expanded role of JKB Financial Services Ltd., the people will have various options to deploy their funds for attractive returns and allied facilities", said Chairman and CEO J&K Bank.