“J&K Bank of vital and systemic significance to the region’s economy”

For every kind of developmental work to happen on ground, the requisite infra-structure has to be in place so that the much needed public services can be delivered promptly and efficiently to the people. Today I feel delighted to inaugurate the J&K Bank Cluster Office and a branch in this industrial area that I believe will provide easy access to all the banking and financial services to the industrial sector here thereby expediting and expanding its contribution to the J&K’s economic progress in near future. Moreover, the fact that we have already begun a campaign to bring J&K on the industrial map of the country, further validates and enhances this spontaneous feeling of goodwill.  

Lieutenant Governor Girish Chandra Murmu stated this while interacting with the industrialists shortly after inaugurating J&K Bank’s Cluster Office and Industrial Finance Business Unit (BU) at Samba Jammu in presence of Chairman and MD R K Chhibber, Commissioner Secretary Industries & Commerce M K Dwivedi (IAS), Divisional Commissioner Jammu Sanjeev Verma (IAS), Bank’s Executive President, Presidents, Vice-Presidents, officials from district administration, industrialists and other officers of the bank.

 “As an institution, J&K Bank is of vital and systemic significance to the economy of this entire region and the government remains committed to ensure that it has a strong corporate governance framework and functions according to its laid-down principles of service with efficiency and transparency. The UT government shall provide every kind of support and help to the bank in this regard, for, it has to play a major role in realizing our mission of equitable development and socially inclusive progress of this region”, the LG added.

Elaborating upon the upcoming first ever Global Investors Summit with the theme of 'explore, invest and grow', the LG said, “shall be an important step towards realizing the mission of development for which preparations are already underway. We believe that the summit would boost the investments and thereby expedite the development of economy of this place both in scope and scale.” However, he assured the local industrialists that their interests would be protected.

Post-inauguration, the bank’s CMD along with his entire team accompanied the LG G C Murmu during his walk through the branch premises and the cluster office. The sprawling and state-of-the-art cluster office and BU are housed in the Phase I of SIDCO, Samba.

On the occasion, the participants from the industry applauded the role of J&K Bank in providing them requisite finances besides meeting their varied business requirements through tailor made products and services. Some of the participants also shared their success stories with the dignitaries and attributed their achievements to the support and mentorship from J&K Bank.

The participants also expressed satisfaction over the generous allocation of funds to J&K, announced in the Union Budget speech in the parliament today and thanked the Lt. Governor Murmu for taking keen interest towards the betterment of industries in J&K.

The Lt. Governor also made on-spot disposal of various issues raised by the industrialists during the interaction

The industrials who interacted with the LG and other dignitaries included President Bari Brahmana Industrial Association Lalit Mahajan, General Secretary SSI Association Birpur Gagan Jain, Proprietor United Engineering and Mechanical Works Kuldeep Singh Jamwal, Promoter Shankar Plastic Products  Praveen Sharma, Promoter T A Oil Mills Ruchika Amba, Director Tawi Hatcheries Pvt. Ltd Dr Rajinder Manhas.

Earlier, in his address, the CMD R K Chhibber welcomed the LG G C Murmu and thanked him for sparing his valuable time for the bank out of his very busy schedule. He also welcomed other dignitaries for their valuable presence on the occasion.

Briefing the dignitaries about the bank’s performance in the third quarter (Q3) of current financial year, the CMD said, “It is a pleasant occasion to state that the Bank posted a net profit of ₹ 49.64 Cr for the third quarter (Q3) of the current financial year (CFY), which are quite better than our expectations despite recent disruptions in J&K, especially across the valley.”

Highlighting the significance of the event and the systemic importance of J&K Bank for the region, the CMD said, “Today’s event marks more than just the opening of a newly developed Cluster Office and BU of our Bank, as it is a beginning of a fresh phase in the development of this region; an expansion of facilities and intensification of efforts to bring financial services to the door step of the people. It represents a translation into concrete reality of our efforts and determination to foster the economic and social advancement of our people, particularly the sub-urban and rural people.”
Regarding the establishment of Cluster Office and a business unit in the industrial area, R K Chhibber asserted, “The area is a hub of manufacturing sector, which has the capacity to accelerate economic growth and create employment opportunities at an exponential rate. Establishing our Cluster Office in the vicinity of this flourishing industrial estate is aimed at ensuring closer coordination with the industry stakeholders, besides fulfilling the credit needs of the industrialists in a hassle free and convenient manner. We have also set up a number of branches in this region, which are specialized in industrial finance. These branches are manned by expert staff, who are well experienced to handle credit requirements of both MSME and Large Corporate borrowers.”

While emphasizing some of the key improvements like implementation of RTI Act, CVC guidelines, reinforcing compliance culture, realigning business strategy and sharp reduction in expenditure etc. that has been brought in the management and functioning of the Bank since June 2019, the CMD asserted, “To put it concisely, the bank has all the right ingredients needed to propel it on to a higher trajectory of growth, profitability and institutional excellence. Since the J&K government is very keen about the economic development of this region, we believe J&K bank has a greater responsibility to shoulder while partnering with the government in maintaining the sustainable developmental architecture in J&K besides investing in its further improvisation.”

CMD concluded by expressing his heartfelt gratitude to the Lt. Governor for the exemplary support and patronage bestowed by the J&K Government to the Bank.
Zonal Head Jammu Central – II Sudhir Gupta concluded the function by presenting the vote of thanks.