Category: Business

  • Why J&K Bank is loved by the people of J&K?

    Strengths of a state come from a dynamic impact of many things mostly from the institutions it is occupied or run by. A free and vast space without being occupied by vibrant institutions will yield too little for the inhabitants and so a responsible state cultivates institutions and nurtures their independent and responsible approach. On this mini part of this great planet the common experience regarding the institutions run by the state is not satisfactory and the one institute which survived decades of political turmoil and different preferences of the successive governments in a suspicious atmosphere created by the unstable conditions is undoubtedly the J&K Bank. Not ignoring the fact that it enjoys monopoly in many areas, yet if we can assess how it survived to maintain its independent nature without losing any of its assets ever, then due credit goes to its brilliant management. It is the top executive level of the Bank which has to resist the external influences after proper calculations and this Bank has surely done it in its best interests. Being realistic in approach, we can never be exactly mathematical so minor things which sometimes throw an impression that this institution has been hijacked is something which is natural for any entity in its survival. When stake holders are many then any one with major stakes may try to influence the things in its own way but still the autonomy this Bank has maintained and retained because of its performances is worth praise.
    Such performances are an outcome of a long experience of either the institute itself or because of the folk of professionals it has been managed by. Here in the case of J&K Bank it can’t be only one of the two factors but it has to be a blend of both. Because on one hand the economy of the state of J&K is tourism and agriculture driven (now horticulture driven) and on the other hand each square yard of J&K has a dimension of instability associated with it. Mistrust is running deep in political lithosphere and it is on the same crust this Bank had to develop its roots. It not only maintained a strong grip on the ground but with the passage of time it bore fruits and now it has gardens of its own. All the major and minor centres of business activities throughout J&K have been occupied by this Bank in its ambitious expansion through its big and small Business Units as well as Khidmat Centres and now it has the potential to survive even without being favored by the state itself. Such brilliant results can easily be attributed to its managerial and operational cohesiveness.
    In the recent controversy of giving this Bank a PSU status, the J&K Bank Employees Association President Mr. Madni was truly confidant in claiming that it can repay all the shares of the Government to free this Bank from any external influence which may jeopardize its survival. Such confidence in the claims of a responsible executive of the Bank is something seriously inspiring. This rarely happens in the history of institutions. The controversy that arose was going to take away from this Bank all that it had gained in its history but the resistance shown by the Bank (in its unofficial capacity) is something unique. Normally institutions flow and become rubble under the influence of such situations but here this Bank again survived. The one common impression was that all the employees of the Bank had synchronized their demands. This too is rare.
    Employing thousands of professionals from time to time and properly advertising its image in unique styles and presentations and giving always an ethnic touch to its services, flavoring its services with local preferences has made this Bank apna bank (my own bank) in the whole of J&K. One of the best examples of such a thing are Khidmat Centres. This name Khidmat Centre in its actual existence is an entrepreneurship engaging local professionals (highly educated) but the choosing of the name itself speaks of the brilliance of this Bank. When in 2009 and 2010 the IT infrastructure in the state was in its nascent stage, it successfully branded Khidmat Centres and these centres became huge advertising centres for this Bank. The Central Government and the State together, were responsible for developing further IT infrastructure for these Khidmat Centres because hundreds of services were promised to the Khidmat Centre professionals before engaging them. Later on neither the Centre nor the State came to the rescue of Khidmat Centres and here again the Bank in its domain provided a number of services to these Khidmat Centres which made their survival possible. And later as the Bank had to engage Business Correspondents as per RBI guidelines, it preferred to choose these Khidmat Centres for the role. It was again a very brilliant decision because the advantages were many. The Khidmat Centres were already having a well experienced human resource and up to date IT infrastructure, so under the PMJDY programme of the central government, this Bank outperformed all other Banks. It has so successfully placed Khidmat Centres that it becomes a difficult choice for any customer to choose the services of any other Bank because even if a Bank Branch is closed (Bank holiday), ATM is malfunctioning and even if there is curfew; the Khidmat Centre is there-available all the time. Now having served for years and having experience and good educational backgrounds, it is very much expected under the present chairman Mr. Parvez Ahmad who knows the depths of banking, financial services, financial inclusion and who has fabulously lead the initiatives of Corporate Social Responsibility, the Bank may soon absorb the Khidmat Centres permanently so that the elements of insecurity are taken out from the livelihood of the professionals associated with these Khidmat Centres. This is what speaks volumes about this Bank.
    So when all around in a state a sense of belongingness permeates regarding any institution whether Government of Otherwise, it is bound to bring returns for any institute which successfully manages to do this. In J&K this Bank has managed to create this feeling of apnapan (belongingness) which has made it the most preferred Bank in the state. From Government sector the similar feeling can be gauged regarding EDI (Entrepreneurship Development Institute). The general feeling in the educated public is that this institute is not corrupt, it is run by professionals who properly guide/train the people. It is a common impression that it properly evaluates the proposals, surveys the Business Units which are established under its schemes and has respect for the entrepreneurial initiatives. Its director M. I. Parry (I have never met him personally except once, one and a half year ago, in a public gathering where I posed him a tough question and it was not any interaction) is regarded a brilliant administrator by the EDI staff as well as the people who have been financed by the EDI. So institutions which manage to create spaces in the hearts and minds of the people through their brilliant leadership, proper management of the resources and with a regard for their people will be loved by their people and that love makes them more and more strong. When Public becomes the assets of any institution, its shares never devalue because people themselves are the value.

    Bilal Zargar- State President, J&K Khidmat Centres Association.
    Email: [email protected]

  • JK Bank jumps to 3rd place among the banks across India in digital transactions

    Srinagar: In continuation to the mission of moving towards ‘Digital India Campaign’ and strengthening its digital footprint further, J&K Bank has scaled to number three position in achieving targets in digital payment transactions upto third quarter of current financial year.

    The data available from ‘DigiDhan Dashboard’ platform of Ministry of Electronics and Information Technology (MeitY), Government of India(GoI) reveals that the bank has captured 3.21 crore digital payment transactions in the three quarters of the current financial year ended December 2018, surpassing Public Sector Banks like Union Bank of India and Bank of Baroda.

    Commenting on this feat, J&K Bank Chairman and CEO, Parvez Ahmed said, “The initiatives taken in the direction of digitalization have started to give perceptible results. In line with our envisioned path and expected objectives, we are in sync with the larger national vision of digital transformation”

    Notably, the bank has put in place the robust technological infrastructure and digital banking platform which offers mobile banking facilities through mPaY, e-Banking, Unified Payment Interface(UPI), Point of Sale (PoS) terminals, credit/debit cards, mobile wallets etc.for increased convenience of customers and greater transactional security.

    This year, the GoI has set a target of 3000 crore digital payment transactions to banks and digital wallets. According to ‘DigiDhan Dashboard’, total digital payment transactions from April 2018 were recorded by all banks together at 1998.12 crore as on 31-12-2018.

    The bank had figured among top five banks by capturing 1.17 crore digital payment transactions in the first quarter of the current financial year

    “It is heartening to note that pursuing an annual target of 4 Crore digital transactions for the current financial year 2018-19,the bank is well on track to achieve the said objective.” the Chairman added.

    Pertinently, to monitor the growth of digital payments, MeitY has developed ‘Digidhan Dashboard’, a platform for accurate reporting, monitoring and analysis of all digital payments transactions occurring in India.

  • Sajjad Bazaz placed Head of JK Bank’s Internal Communication & Knowledge Management Department

    Srinagar, Dec 12: J&K Bank Editor, Sajjad Bazaz, has been placed Head of Internal Communication & Knowledge Management (IC&KM) Department. After making a notable mark in Corporate Communication affairs of the bank and the banking industry since 2004, he has been now given yet another challenging job to look after internal communication and knowledge management affairs of the bank on professional lines.

    The IC&KM Department is a new department which will exclusively focus on the knowledge management of the workforce of the bank at all levels. The basic aim is to translate it into better customer service.Sajjad was appointed as Editor of the bank in 2004 after the bank created Editor’s post in the same year to streamline its corporate communication affairs.

    As in-charge Corporate Communication Department of the bank, he was handling core areas – Advertising, Promotion, Branding, Media Relations, Internal Communication and Corporate Social Responsibility affairs- of the bank.

    He has been instrumental in inculcating financial literacy among masses across every nook and corner of the state apart from writing on varied topics highlighting socio-political developments. He has been instrumental in tailoring the financial literacy campaign around the bank’s products and services and reputation management of the bank aimed to enhance its image.

    Through his columns- Bank Watch, Straight Talk and What’s Up- he has successfully created enthusiasm among youth for entrepreneurship and self-employment ventures. He customized financial literacy programme for the youth in which he highlighted schemes tailored by the bank and government sponsored schemes for start-ups and unemployed youth. He is also empanelled as guest lecturer by various educational institutions, besides being a guest faculty in the bank’s Training College. His performance in the field of public relations was acknowledged by the highest seat of learning in the state– University of Kashmir. In September 2008, the university while acknowledging his ‘solid practical experience of dealing with the print media and corporate communications’, requested the bank to spare his services for the Media Education Research Centre of the University. The university had communicated to the bank that ‘this shall be a great contribution of the J&K Bank towards the betterment of the University.’
    Cross section of stakeholders have hailed the decision of the chairman parvez Ahmed.

  • JK Bank RE Selection List Out

    Empowerment by Employment for our Educated Youth Embedded in our Mission: Chairman

    Srinagar: The much awaited selection list for the position of Relationship Executives (RE) in Jammu and Kashmir Bank has been declared today. The applications for these vacancies were invited in March 2015 and around 50000 aspirants had applied through the prescribed online process. Around 3000 qualified the online written examination which was conducted across various centres in the State during the months of August and September2015.
    The qualifiers were later screened by the expert committee for personality evaluation test and on culmination a total of 350 have made it to the available vacancies of REs in the Bank. Another 1250 of the remaining candidates in their order of merit have been offered available vacancies in the Banking Associate cadre.
    J&K Bank Chairman and CEO, Parvez Ahmed while congratulating the selectees, welcomed them to their new and very responsible beginning in life. Acknowledging the enthusiasm and brilliance of remaining aspirants, he wished that he was able to recruit them all, but for the limited number of vacancies available at present; he could not fulfill the wish. He wished all of them the very best in their careers with the words of advice that they should not stop their pursuit of achieving excellence in their life and ignited the hope for them that much more was in the offing in Bank and outside very shortly.
    Commenting on the inordinate delay in announcing the results for these posts, Parvez said that it was unavoidable and nobody would have otherwise wished it, that too when the Careers of our educated youth were at formative stage. But due to unavoidable circumstances emerging out of prevailing economic scenario and challenging times for the Bank, recruiting the people was not in tune with the industry practice and regulatory guidance and I feel elated for finally we have been able to ride the tide. Parvez further hoped that the hence selected new entrants in the Bank shall form the future Brand of the Banking Industry.
    Deliberating upon future plans of the Bank, Parvez displayed optimism about the turnaround of the Bank in near future after consecutive previous loss periods and some more similar anticipated future estimates as well. He informed that Bank was strategically contemplating to take Branch count to around 2000 from present 875 by mostly opening new Branches in State of Jammu and Kashmir under its ambitious digitally driven financial inclusion programme which shall enable the Bank recruit around 4000 banking associates in next two to three years. The ATM numbers are also expected to reach 2500 levels during the aforesaid period.
    Notably, such ambitious network expansion plan is in conformity to chief minister’s desire remarked in a recent function held at SKICC. The chief minister had desired the bank to expand its footprint in the state to bring people at the grassroot level under the ambit of formal financial system through the modern digital banking services to trigger socio-economic upliftment of the masses.
    Terming High Density Apple Orchard Scheme as one such remarkable measure towards greater empowerment of the People associated with most lucrative and core sector of the state economy, he people in other sectors as well. “In line with the Apple Home Concept of Iconic Apple Company in California and adjacent Cities, I express my deep desire to have JK Bank Towns and Villages across nook and corners of Jammu and Kashmir”, he concluded. (KNS)

  • CSR initiative for cancer patients: JK Bank seeks land in Mumbai for project

    Srinagar: In a major CSR initiative, J&K Bank has approached Maharashtra government seeking allocation of land in Mumbai for construction of accommodation for cancer patients. 

    The proposed initiative is aimed to mitigate the hardships of economically deprived patients of J&K in particular, and patients from other parts of the country in general travelling to TATA Memorial Hospital for specialized treatment, the bank in a statement said.

    The proposal in this regard was conveyed to the Maharashtra Chief Minister Devendra Fadnavis by the J&K Bank Chairman & CEO Parvez Ahmed. The chairman had called upon the Chief Minister to apprise him about the operations of the Bank in Maharashtra especially the country’s financial capital Mumbai, it said.

    The Maharashtra Chief Minister has assured the J&K Bank chairman of exploring the possibility of allocating land for the benevolent CSR project of the bank in consultation with the Government of Jammu and Kashmir.

    During the meeting, the J&K Bank Chairman Parvez Ahmed highlighted that JK Bank has strategically chosen the city as headquarters for its Treasury Business and Regional Administrative Office to control its Business operations in five states of Maharashtra, Goa, Chhattisgarh, Gujarat and Madhya Pradesh. 

    The bank, he said, was handling sizable investments in Mumbai region and was keen to expand its footprint in the region and requested for empanelment of J&K Bank for handling the Government Business which was one of its core strength as it was handling the Government Business for J&K state over the last seven decades. 

    Parvez informed the Chief Minister that J&K Bank was actively involved in facilitating the pilgrims all across the country to visit the famous Shrines of Shri Amarnath in Kashmir and Mata Vaishno Devi in Jammu by extending registration and other facilities through its Business Units.

    Chief Minister Fadnavis while commending the role of J&K Bank for economic and social development of J&K state assured all necessary support to the Bank for expansion of its operations in Maharashtra and development of Government Business. 

    He advised the Chairman to ensure active participation of the Bank in various upcoming viable infrastructure projects both in public and private sector in Mumbai.

    The Chairman in the end expressed his gratitude to the Chief Minister.

  • Day after reporting Rs 602 cr loss, J&K Bank share gains 5%

    Srinagar: A day after Jammu and Kashmir Bank posted Rs 602 crore loss for its second quarter year on year, the bank’s stock rose about 5 percent, rebounding about 12 percent from intra-day low of Rs 57.15 on Mumbai based National Stock Exchange today. 

    The J&K Bank share was trading at Rs 63.75 at 4 pm on Friday when the market closed for its weekly off until next Monday. 

    The bank on Thursday in its Board of Directors meeting gave nod to loan structuring as per the RBI guidelines and also approved its second quarter results for July to September period, which has been earlier deferred.  

    The second quarter has been worst for the bank in terms of losses as it reported Rs 602 crore loss mostly on account of provisioning for bad loans as against Rs 196 crore net profit during the same quarter last year.  

    The net NPA ratio rose to 6.81 percent from 6.19 percent from previous quarter.  Chairman and CEO of J&K Bank, Parvez Ahmed warding of concerns of investors and depositors over worsening NPAs assured that efforts were on to finding innovative and contemporary solutions to effectively reduce the NPAs which shall pave way for completely focusing on quality growth during ensuing financial year. 

    “With the unrelenting commitment and support of the State Government, the bank will pass this challenging phase as the brand franchise of the bank is intact and the captive business base in J&K state is its core strength,” Parvez had said in a statement on Thursday. 

    However, experts here believe that it is due to balance sheet clearance as well as loan restructuring that has prevented a major loan book in the state from turning into NPAs, which has boosted confidence of investors.   

    “Instead of booking profits, the bank decided to show losses in order to strengthen its balance sheet,” said a financial expert, adding, in consolidation efforts bank made provisioning of about Rs 1,000 crore during the quarter ended against a gross profit of Rs 376 crore for the period, resulting in posting losses. 

    Justifying the move, the chairman said increased provisions are largely on account of fresh slippages, restructuring and under-provisioning of earlier periods.

    Bank has earlier delayed declaration of its quarter results, as it was waiting for the RBI nod, over loan restructuring application. 

    The bank shares on BSE were up by 4.5 percent to Rs 63.55 at the time market closed, whereas more than 10 lakh shares were traded at the country’s oldest stock exchange. The trade volume on the NSE was a whooping 93 lakh shares.

  • World Trade Centre Announces Free 1 Year Membership To Kashmir Start Ups

    BENGALURU: World Trade Centre (WTC) has announced a free one year membership program for the Start Up businesses from Jammu and Kashmir state. 

    The announcement was made during the Annual General Convention 2016 of Entrepreneur Café held in Bengaluru in association with Startup Kashmir.

    Close to 300 entrepreneurs from India, Canada, Australia, Morocco and other parts of the world  participated in the event. During the event a panel discussed ways of “Bringing Kashmir, ‘Haven On Earth’, To The Entrepreneurial Map Of The World”.

    The Panel was attended by Shahid Ansari – Founder Startup Kashmir, Khair ull Nissa – Executive Director World Trade Centre, Nagaraja Praksam – Partner Acumen Fund, Angel Investor & Founding Angel, IAN Impact, Rakesh Mishra – Co-Founder Excubator, Rajiv Mukerjee – CEO Incubate Hub, Asif Iqbal – President Indian Economic Trade Organisation. 

    The panel deliberated on ways and means on how a self-sustaining and long lasting startup ecosystem can be created in the state, and what immediate measure can be taken to help boost the state economy. 

    On the occasion Khair ull Nissa – Executive Director World Trade Centre which has presence in more than 300 cities around the world spoke on how WTC can help boost the business sector in the state of Jammu and Kashmir. 

    She also emphasized on how WTC Noida provides a vital platform to local trade and industry to reach out to global markets and global investors thereby placing them on the global map of trade and industry. On the occasion she also announced a free 1 year membership program for the Startup businesses from the state of J&K. 

    Nagaraja Prakasam (Naga) who has funded 19 startups across India and is well known globally for the work he has done in the social enterprise, spoke about the need for social empowerment at the grass root level. He emphasized how technology can be used to assist the people on ground to reach the international markets.

    Rakesh Mishra and Rajiv Mukherjee also spoke on the occasion and extended their support to help in developing incubation facilities and various other mentorship programs for the startups in Jammu and Kashmir. 

    Startup Kashmir will soon announce more programs, Shahid Ansari said adding he was working with other partners to help develop the Startup ecosystem in Kashmir. These programs will be a great support for first generation entrepreneurs of the state, he said. 

  • Kashmiri head of Qatar Bank Wins Global Award

    Palo Alto, California: MetricStream, a market leader in Governance, Risk, and Compliance (GRC) apps and solutions, presented the GRC Visionary Award to Jumsheed Hussain, Executive Director, Credit and Risk Management at Qatar Development Bank, at the MetricStream GRC Journey Awards ceremony. The ceremony was held at the MetricStream GRC Summit, which took place on November 7-8, 2016 at the Grand Connaught Rooms in London.

    The MetricStream GRC Journey Awards celebrate and recognize individuals, customers, and partners who are leading their organization’s GRC Journey, championing GRC programs, and achieving superior business performance through GRC. A total of ten awards were handed out in four categories – GRC Journey Awards, GRC Visionary Awards, GRC Practice Leader Awards, and GRC Partner Awards. Presenting the awards were MetricStream Executive Chairman, Gunjan Sinha, and Chief Operating Officer, Gaurav Kapoor.

    The GRC Visionary Award category recognizes individuals who have a passion for GRC and a strong vision for their organization’s GRC journey. These individuals are the driving force behind their organizations’ GRC programs. They envision the road ahead, and work hard to champion the cause of GRC. They are also renowned thought leaders who willingly share their knowledge and expertise with the industry through published insights, webinars, and videos.

    Mr. Hussain, who began his career with J&K Bank won the award for his vision and leadership in GRC at Qatar Development Bank. With over 20 years of experience in enterprise risk, credit risk, and other governance functions, he has a deep understanding of GRC. As the executive sponsor for the GRC project at Qatar Development Bank, Mr. Hussain has played a pivotal role in educating business unit heads on the project, driving consensus amongst stakeholders, and ensuring that change management and user adoption is swift and smooth. Today, Mr. Hussain is a strong champion for integrated GRC, and he is a sought-after speaker and active participant in various industry associations such as GARP and the Credit Risk Group.

    “I am both humbled and honored to receive this prestigious award,” said Mr. Hussain. He continued, “I accept it on behalf of our entire GRC team who worked with their minds and hearts on this project. Without them, our GRC journey would not have been as successful as it proved to be, nor would it have been possible to reach the milestones that we have. I would also like to express my appreciation to the Head of Internal Audit, Adel Eldesouky, the Head of Compliance, Hamad Haider, and the CEO, Abdulaziz Nasser Al-Khalifa for their complete buy-in and support throughout this project.”

  • All roads lead to banks in Valley

    Amid unrest, customers make beeline to exchange or deposit Rs 500, Rs 1,000 notes

    Srinagar: Long queues of people were seen at the banks in the Kashmir valley today as officials put in extra hours of work to exchange or deposit Rs 500 and Rs 1,000 notes demonetised by the government.Despite the routine Hurriyat shutdown call and chilly weather conditions, people made beelines outside the banks in the morning and there was not let up in heavy rush of customers till the afternoon.In view of the ongoing unrest, all district SPs had been issued directions by the DGP to keep a close watch on crowds at the banks and ATMs besides ‘cash focused’ markets to avoid any law and order problems.“Ensure that all required security/law and order arrangements are put in place at all depositing points and other such places where huge rush of public is expected. The SHOs concerned must maintain proper watch and ensure no untoward incident takes place,” the order to the SPs stated.A bank official said there was ‘extraordinary’ rush of customers for depositing and exchanging of currency. “We worked from 10 am to 6 pm today to cater to the extraordinary rush of customers that had come to deposit or exchange the currency. Besides deposit and exchange of currency, routine business transactions, too, took place at the banks,” said an official of the HDFC bank.He added that the banks would continue to work till 6 pm till there was a dip in demand for exchange or depositing of Rs 500 and Rs 1,000 notes that had been declared invalid by the government.As expected, the heavy rush at banks irked locals. “There was a ‘fish market-like’ scene at the banks. Scrapping of Rs 500 and Rs 1,000 notes took everybody by surprise. The government should have at least allowed normal transactions of these notes in markets till December 31 besides depositing the same in banks. It would have lessened the panic among people,” a local said.A J&K Bank official, too, said there was heavy rush of customers and as announced earlier, the banks would remain open during the weekend as well. “J&K Bank branches and offices will remain open for public transactions this Saturday (November 12) and Sunday (November 13) to meet the heavy demand of the general public after the government announced demonetisation of Rs 500 and Rs 1,000 notes,” he said. (TNS)

  • DEMONETIZATION PANIC: Investors lose Rs 6 trillion within seconds

    Mumbai: Stock markets tumbled today with an estimated Rs 6 lakh crore getting wiped off from the invested wealth within seconds of opening trade as Sensex plunged 1,689 points on the US election trends showing lead for Donald Trump and the withdrawal of high-denomination notes worth billions.

    Rupee also lost value, but gold appeared to be a gainer as an investment option with sovereign gold bonds and gold- linked Exchange Traded Funds gaining ground as key non-cash instruments.

    The Sensex opened sharply lower at 26251.38 points this morning and moved further down within seconds to touch a low of 25902.45 points — down 1,689 points from its previous close — with all 30 stocks from the benchmark index trading deep in the red.

    Buying at lower levels, however, helped the Sensex to recover some lost ground in late morning trade. It was down nearly 975 points at 1100 hours.

    The overall investors’ wealth, measured in terms of valuation of all listed stocks, was down by nearly Rs 6 lakh crore in early morning trade from nearly Rs 111.44 lakh crore at the end of yesterday’s trade.

    Stocks from real estate and other cash-focussed sectors were hit the worst, while the major losers in the Sensex pack were Adani Ports, ICICI Bank, Hero MotoCorp, ITC, TCS, HDFC, Bajaj Auto, M&M, Maruti and Tata Steel.

    Gail, Cipla, ONGC, Wipro, SBI, Asian Paints, L&T, Sun Pharma, RIL, Axis Bank, Dr Reddy’s and Infosys were also down sharply.

    The rupee turmoil continued as it slumped further by 28 paise to 66.90 against the US dollar in morning deals on the government’s sudden action to ban on Rs 500 and Rs 1,000 currency notes in order to curb black money.

    The domestic currency opened lower at 66.70 as against yesterday’s closing level of 66.62 per dollar at the Interbank Foreign Exchange (Forex) market. Soon, it spiralled downward further and languished between 66.90 and 66.70 during morning deals. It was quoting 66.90 at 1045 hrs.