Category: Union Territory

Worst seems to be over: Chairman

 Srinagar: J&K Bank Wednesday posted a net profit of Rs 130.05 crore for the quarter ending June 2014. The Bank, according to its spokesman, announced its reviewed financial results for the quarter following the approval of its Board of Directors at a meeting held here at the Corporate Headquarters.

The Bank’s operating profit for Q1 is Rs 447.52 crore as against Rs 480.99 crore recorded during the corresponding period of previous year.
The deposits grew by 8.62 percent for Q1 to stand at Rs 63651.94 crore as against Rs 58601.09 crore for Q1 FY 13-14. The advances have increased by 13.11 percent to Rs 44430.73 crore from Rs 39282.20 crore as recorded during the corresponding period of the previous year.
The total business of the Bank is up by 10.42 percent when compared with the corresponding period of the previous year.
The bank’s non-interest income improved to Rs 130.99 crore in the quarter under review as against Rs 92.23 crore recorded during the corresponding quarter of the previous year, while as net interest income stood at Rs 637.69 crore as against Rs 654.89 crore.
The Gross NPA ratio of the bank stood at 4.16 percent for the quarter, while as the Net NPA ratio is 2.18 percent. The NPA Coverage ratio stood at 55.08 percent.
The Net Interest Margin (NIM) remained at 3.63 percent as against 4.20 percent recorded for the corresponding period of the previous year.
The Capital Adequacy Ratio of the bank under BASEL 11 is 13.28 percent as on June 30, 2014.
During the quarter, the bank added 18 Business Units and 25 ATMs to its expanding network across the state.
Worst seems to be over: Chairman
The J&K Bank Chairman Mushtaq Ahmad Wednesday told Greater Kashmir that the Bank sacrificed a portion of its profits in the first quarter of the current financial year to maintain a strong and clean balance sheet.
“Similar measures have been taken by other banks to beat the stress away from their assets. Since economic slowdown is not yet over completely; asset-quality pressures on banks have not abated even during the first quarter,” he said. “As such banks had to go for higher provisioning on account of fresh slippages to NPA category and additions to restructured assets.” However, Ahmad said, the J&K Bank will strictly focus on asset quality monitoring and maintenance for the next couple of quarters of the current fiscal till the economic situation in the country improves. “The bank is optimistic to continue with its growth momentum in the coming quarters and maintain profitability along with improvements in net interest margin (NIM) during the current fiscal,” he said.
Ahmad said exhibiting exemplary act of financial disclosures, the J&K Bank in a most transparent and straightforward action has disclosed its bad loans. “During the quarter the gross non-performing assets (NPA) have risen 250 basis points (Q-o-Q and Y-o-Y) to 4.16 percent and net NPA soaring around 196 basis points Q-o-Q (up 204 bps Y-o-Y) to 2.18 percent. This was necessitated because of stress on few assets. These ratios are below the industry average,” he said.
He said the bank’s gross non-performing assets ratio has remained in the narrow band of 1.6-1.7 per cent of advances over the past six quarters. “We have been improving our performance year-on-year and managing stress efficiently. We have evolved a system to effectively monitor accounts that are stressed. Also, a stressed account does not always turn into an NPA. It requires close monitoring and on most  occasions, we have been able to revive such accounts,” he said.
Anticipating smooth recovery of non-performing assets (NPAs) at the end of the FY15, Mushtaq Ahmad said, “In the medium to long term I expect our gross NPA level to stabilize around two per cent. One must remember there has been stress in the system for three or four years; we have been managing it fairly well. We are confident of managing the quality of our portfolio in the coming quarters. We have the ability and strength to brave any sudden shock in the system.”
The chairman while giving details of the future growth plan said, “Going forward as well, the bank expects loan growth in J&K state to be above 25 per cent while that outside the state to be about 15 per cent.”
He said the Bank management is conscious of the fact that people of Jammu and Kashmir have a huge emotional equity invested in J&K Bank and it values it to be the most important asset the bank has.
“We have braved so many challenges throughout our remarkable journey of 75 years and we have innate capacity to meet any future challenges midway as well. Having invested in a major way in J&K, the bank is the major contributors in the state’s total lending, which currently stands at more than 65 %.   Last year increased 100000 to 200000. Besides, the bank’s Corporate Social Responsibility is completely focused on welfare activities within the state of J&K,” Mushtaq remarked and added that the bank shall continue to expand its branch network with focus in increasing low cost deposits and scaling up the flow of credit to priority sector to boost lending to agriculture and allied activities besides retail handicrafts and SME sectors.
Meanwhile, the chairman disclosed that the bank is contemplating its maiden overseas expansion in near future. “We are exploring possibilities to establish our presence in centres like Dubai and London,” he said.
He concluded that the management of the bank is firm on maintaining asset-quality.

Srinagar: A youth sustained bullet injuries after government forces allegedly opened fire on protesters at Khudwani area of Kulgam in south Kashmir on Saturday.

Official sources told GNS that the government forces fired teargas shells and opened few shots in air to disperse the protesters resulting in injuries to at least three persons, sources said.

However, the sources said that one among the three youths sustained serious bullet injuries.

The sources identified the injured youth as Suhail Ahmad Lone son of Ghulam Qadir Lone of Havora, Mishpora in Khudwani was immediately shifted to Janglat Mandi hospital Anantnag  where he succumbed to injuries. (GNS)

BJP and its leaders frustrated by their failure in Delhi giving these kind of statements’ to hoodwink public opinion: Engineer Ghulam Rasool Dar Eidhi (Secretary General JKLF)

Srinagar: Kashmir is not anybody’s Manor or estate and no outsider can ever claim its ownership. The statements of BJP leaders regarding buying land in Kashmir and integrating it with Indian state are dreams of a insane and Kashmiris will strongly resist all these anti Kashmiri moves and operations. This was stated by the secretary general of JKLF engineer Ghulam Rasool Dar Eidhi while commenting upon the recent statements of BJP leader’s Subramanyam swami and Shahnawaz Hussain on Kashmir. While ridiculing the statements of Subramanyam Swami, in which he had said that so called special status of Jammu Kashmir will be abolished by a mere signature of India president, Eidhi said that this is a proved fact that fascists never succeed in running a government and when these kind of people fail to deliver, they tend to Recourse on hard and controversial statements to divert the attention of people from their daily routine matters. Eidhi said that within one month of its rule in India, BJP has failed to deliver and now its leaders have started playing Kashmir card and rhetoric to hoodwink public opinion. Commenting upon the statement of BJP leader Shah Nawaz Hussian in which he had said that as a Muslim he wants to buy land in Kashmir, Eidhi said that the land of Jammu Kashmir belongs to the people of Jammu Kashmir which include Muslims, Hindus, Sikhs, Christians and followers of other religions only and any outsider whether he is a Muslim or not should not dream of owning an inch of land here. Shahnawaz Hussian who is only a Sarkari Muslim  should first look into the recent statement of his own leader Subramanyam Swami in which he has said that BJP won majority of seats by promoting hatred and anarchy between various Muslim sects. Eidhi said that these BJP statements are actually a sign of frustration of these people who because of their failure in India are playing Kashmir card to divert attention of people. He said that it is the habit of people of this mind set to promote hatred, play emotional cards and spread religious riots for their pity politics. Eidhi said that vast majority of the people of Jammu Kashmir want to see Kashmir as an independent country and BJP and its leaders should remember that they will have to face a nation that has sacrificed its more than one Lakh people in resistance and freedom movement .Kashmir’s are giving and will give them a befitting reply and stiff resistance and will never let their ill motives and moves to succeed.

Srinagar: Minister for Health & Medical Education, Taj Mohi ud Din reviewed the status of health sector projects under construction at a meeting of officers here today.

Minister for R&B and Mechanical Engineering Abdul Majid Wani was also present in the meeting. The meeting reviewed the progress registered on various health sector projects and necessary instructions were given to concerned agencies to speed up the work on these projects. Important issues like improvement in infrastructure, fund allocation, expenditure and work done status of various projects under different executing agencies came up for discussion during the meeting.

Officers representing the concerned executing agencies briefed the meeting about the status of ongoing works on various health sector projects like Lalla Ded Hospital Srinagar, District Hospital Kupwara, District Hospital Ganderbal, District Hospital Baramulla, among others.

The Minister directed the executing agencies including JKPCC, R&B, JK Housing Board and J&K Police Housing Corporation to expedite pace of work while maintaining quality standards as per specifications so that the said projects are completed within the stipulated time. Taj said that health infrastructure that is being developed will be an asset to the State and will help cater to the healthcare needs of people.

The Ministers called for better coordination among the executing agencies and the concerned departments for improved results on ground. Commissioner-Secretary, R&B, Commissioner-Secretary, Health & Medical Education,  Director, Health Services, Kashmir, Chief Engineer R&B Kashmir, MD JKPCC, MD J&K Housing Board, MD J&K Police Housing Corporation and other officers of Health Department were present in the meeting. 

Srinagar: While paying rich and glorious tributes to the martyrs of 1931, chairman Hurriyat Conference (G) Syed Ali Geelani appealed people to observe complete shutdown on 13 July.

According to a statement issued to KNS, he said that the mission of the martyrs of 1931 is still incomplete and the present freedom struggle of Kashmir is part of that. Hurriyat (G) chairman said that the movement of 1931 was not only a rebellion against the tyrannical rule but it was a struggle started against the anti-Islamic attitude of the rulers of that time and it was a pure religious movement which was backed by the inner faith of the Muslims. Geelani said that in 1938 the Kashmiri nation was first time deceived by its leadership of that time when he converted Muslim Conference into National Conference and the process of deceiving continued. In 1947 when the sub-continent got divided on the bases of two nation theory and two nations India and Pakistan came in to existence, the narrow minded leadership of Kashmir played an important role in gifting the Kashmir to India which was contrary to the principles of the partition and supported the accession theory which was totally against the wishes and aspirations of the people of this region.

In this way the Kashmir dispute was born, which still exists after the long 67 years in the shape of an ulcer and due to which, not only the Kashmiri people are forced to live the life of miseries and oppression but this dispute has created political uncertain and instable situation for the millions of the people of India and Pakistan.

Geelani said that the sacrifices of the martyrs of 31 were once again humiliated and deceived in 1975 when the plebiscites movement was buried and Indira-Abdullah accord came into existence and the leadership of that time surrendered before the New Delhi merely for the chair. Hurriyat chairman said that the present freedom struggle of Kashmir is the part of the movement which was started by the martyrs of 1931 and the aim and purpose of the sacrifices of one lakh martyrs of last 25 years and the martyrs of 13 July is same. Geelani said that the best way of paying rich tributes to the martyrs of 31 is that we have to continue our struggle till the goal of right to self determination is achieved and we should not show any kind of weakness and confusion into this struggle. He said that though the Omer Abdullah, Mufti Sayed and Farooq Abdullah like pro-Indian politicians also go to the martyr’s graveyard on 13 Julyunder the heavy security cover but they have a long time ago made sell-out and treason with these sacrifices. The pro-freedom leader advised the pro-Indian politicians that it is better for them not to go to the martyr’s graveyard on this day, because it could definitely hurt the souls of the martyrs, who offered their lives for the Islam and freedom and whose sacrifices have been sold by these pro-Indian politicians for the power and chair. While appealing for complete shutdown on 13 July Sunday, chairman hurriyat said that the people who are the successors of the martyrs and who are struggling for the completion of their mission, are banned to go to the martyrs graveyard and they are restricted and detained. This undemocratic attitude of the government should be condemned at all levels.

Srinagar: The two years hardship faced by him has made him realize that the so called rehabilitation policy has pushed him from frying pan to fire. Tariq Ahmad, the father of three children who chose to shun the path of violence in 2012 and decided to return his home in Srinagar is yet to find school admissions for his children and a dignified livelihood for himself.

Tariq who hails from Chattabal area of Srinagar was a Municipal inspector in Pakistan Administered Kashmir, after his return to his native place he now owns an auto rickshaw that earns livelihood for his family. Talking to KNS, he said that for his elder son, Aamir a 9^th class student, he sought admission in a local school. However, he was told by the school authorities that the admission shall be followed by the registration from the Board of School Education. “From the last three months, I am making rounds of that department but nothing concrete in my case was done by the officials. Finally they (board officials) asked me bribe, I refused and said I have no money in my possession,” said Tariq.

He told KNS further finally the officials are denying him the registration stating that the same is not in rules. “I told them that chief minister himself has assured the admission for our children. They in return said that CM is himself guest of few months. You are a militant. Make your son a militant also.”

Meanwhile another parent namely Mukhtar Ahmad from Baramulla stated that he returned to valley in 2013 but the officials are denying him the registration for his children to join any school here.

Pertinently, CPI (M) leader Mohammad Yousuf Tarigami in a letter to the chief minister had  earlier expressed deep disappointment over the issue. “I want to bring in your notice that a PAK woman Saira Bano who had recently accompanied her husband to a Bandipora village under the return and rehabilitation policy on April 14 lost her battle for life. Five days before the death of this young woman, she had set herself ablaze and was under treatment at a hospital in Srinagar. The deceased is survived by her husband and the three small children.” In his reply to Tarigami’s letter, Chief Minister had assured full support to the Pak returnees and maintained that the government is committed to provide better life to those who shun the path of violence and return to valley to start a dignified life.