JKB Chairman in line with CM’s vision, announces adoption of Kunan Posh & Nagsari-Kalaroos villages

J&K Minister for Rural Development, Panachayati Raj, Law and Justice Abdul Haq Khan stressed upon the need to promote healthy credit culture in the district Kupwara in which 70 per cent of the population lives below poverty line. The credit culture includes hassle free financial assistance through various loan schemes and most importantly timely repayment of loans so that economic cycle runs smoothly.

Abdul Haq Khan was speaking at a glittering function at Kupwara today after inaugurating the J&K Bank’s Currency Chest Complex in presence of bank’s Chairman and CEO Parvez Ahmed, MLA Kupwara Bashir Ahmad Dar, DDC Kupwara G M Dar and District, District and Sessions Judge Mohd Ibrahim. The bank’s Executive Presidents S S Sehgal and Abdul Rauf, Senior President & CFO S K Bhat, Zonal Head (North) Fayaz Ahmad Siddiqui, Vice President Tabassum Nazir and other senior officers of the bank and administration were also present on the occasion.

The Minister listed the benefits of the currency chest in the district Kupwars. He said, “The availability of cash shall not remain an issue now in the district. Earlier the cash was to be lifted either from Sopore or Srinagar, which was time consuming and highly risky. But with the establishment of this currency chest, people would not face now any shortage of cash at any point of time.”

“To trigger healthy economic growth by exploring the potential of local economies, healthy credit culture can generate employment opportunities which in turn can pull below poverty line families out of financial constraints. This is subject to the fact that those availing loans ensure timely repayment of their loan,” said the minister.

He said, “J&K Bank has initiated and guided the massive transformation not only in the economy of cities and towns of the state but its branches continue to act as agents of great socio-economic change in the far flung areas of the state which includes this frontier district of Kupwara. The bank deserves huge appreciation for the kind of relentless services it has been providing the people of this state for almost eight decades now.”  

He congratulated the bank for establishing this currency chest in the district, which will certainly alleviate most of the cash related hassles people face in this part of the state. “We hope that the bank shall continue to deepen its presence in this region and take lead in its further upliftment through in developmental plans and products”, the minister added. 

While revealing the details of  skill development  programmes managed through his Ministry, the Minister informed that there were enormous support opportunities to enable livelihood for educated youth.Quoting Umeed and Himayaat  as few of the  Flagship programmes to ensure skill development, he asked the youth to avail benefits from these schemes and advised the Bank to link their specific credit schemes to such trained youth who undergo training under such programmes.

Speaking on the occasion, Chairman and CEO J&K Bank, Parvez Ahmed enumerated the bank’s plan for the Kupwara district over next three years. He announced bank’s plan to adopt far flung villages to transform the lives through sustained economic development by exploring the respective local economies through skill development programmes and other relevant interventions.

“We want to bring the backward and marginalized sections of society within the formal banking system and develop certain avenues whereby we see them earning their livelihood” he said.

The Chairman on the spot announced the adoption of twin villages of Kunan-Poshpora and Nagsari-Kalaroos.  “Unfortunately, these villages are known for their downtrodden economic status. “We shall be focusing on the youth in these villages and help them to develop skills as per the local economic needs. This youth force shall be channelized by us through financial empowerment and handholding to bring prosperity to their families and ultimately to their villages,” said Parvez. He also reiterated his mission of adopting similar villages in other regions of the State as well.

While speaking about the bank’s expansion plans in the district, he said, “We shall be targeting the total business of Rs 5000 Cr in the district from the current Rs 2000 Cr in next 3 years besides allocating Rs 500 Cr to the under exploited sectors of the local economy which will be leveraged through optimum financing and properly guided projects. The bank’s footprint in the district shall be expanded further during the period taking the number of business units from 35 to 100 and ATMs from 36 to 100.”

“The CD ratio of the district is quite healthy, however, we need to go for a broad base lending besides imparting professional training to the local youth so that they avail different finance schemes and start their own ventures. For this purpose, we can also rope in PMs Incubation Centers through our RSETI to the district”, he said.
 In response to the Minister’s and Local MLA ‘s demand for setting up a recreational park in the District in line with such parks created at other places, Chairman was quick in agreeing for developing one  in case the Land for such project is identified and  provided for development by the Government

The chest complex has been constructed adhering to “AAA” (Highest Security Standard) as per guidelines laid by the RBI for Currency Chests which are located within 80 Kms of LOC/International Border.
The chest is also equipped with high-end 24/7 security and surveillance systems besides fire detection and fighting system. The overall cost of the project,, has been worked out to Rs. 4 Crores.

Notably, Currency Chests are select branches of scheduled commercial banks, which are authorized by RBI to facilitate distribution of notes and coins. Currency chest Notes and coins are stocked in currency chest on behalf of the RBI.

Stressing upon the need to focus on customer service and satisfaction, he said, “As people are emotionally attached to this institution and have a lot of expectations from us, our prime focus must be complete customer satisfaction.”

Also people need to display strong will and come forward to invest in different projects even if on a small scale and thereby avail the benefits of different finance schemes. For our growth as a bank is always connected to the prosperity of the people of this state”. 

Speaking on the occasion MLA Kupwara, Bashir Ahmad Dar stressed on the need to have a single window system for loan disbursements. “J&K Bank is the backbone of our economy and we, as a district, need to be at par with others. There must be single window system for loan disbursements,” he said and stressed upon the need to extend hassle free education loan facility to the students.Urging the local audience to avail the services of the bank, he said, “We should avail all the services and facilities from the bank and make it grow stronger and soar to new heights. He said.
Earlier the Bank’s senior president and CFO,Mr S K Bhat welcomed the audience on the occasion. The gathering was also addressed by DDC Kupwara G M Dar and District and Sessions Judge Mohammed Ibrahim whereby DDC while putting his valuable suggestions and feedback stressed upon improving Credit Deposit ratio by majorly focusing on Horticulture Sector  and  District Judge stressed for need toWaiving off  of  Interst in deserving cases . Zonal Head (North) Fayaz Ahmad Siddiqui, presented a formal vote of thanks and concluded the event.

Chairman for employees’ prosperity
Addressing its employees on the sidelines of the inaugural function of the currency chest in Kupwara, Chairman and CEO Parvez Ahmed said, “Customer satisfaction is certainly my most important priority as the chairman of the bank. Though I am satisfied on this front, yet there’s a marginal section of employees who have been lazy in delivering services and have attitude and behavioural problems while dealing with customers.  For this negligible section, I would like  to make it clear  that I sincerely don’t want to  resort to any  unpleasant  action if the service delivery matches industry standards. Let them introspect and realign themselves for the convenience of the customers”

“However, employee welfare is also closer to my heart as the head of this institution. And I believe that it is only a satisfied employee who can ensure the total customer’s satisfaction. In this regard we are thinking of creating best packages for our employees that includes health benefits, fast track career progression, system driven procedures and transparent transfer policy. There has to be incentives and other Employee Stock Ownership Plan (ESOPs) for the employees of the bank.”