Blog

  • J&K Bank is safe & stable

    This was stated by the chairman & chief executive officer, J&M Bank, Mushtaq Ahmad in an exclusive interview to Kashmir Magazine.

    Asset quality of the banking system has deteriorated significantly and non-performing assets (NPA) of even country’s largest banks have gone up considerably. Under this scenario, J&K Bank’s asset quality is praiseworthy. The NPA level of the bank is one of the lowest in the industry. the bank has a robust mechanism for NPA management in place and enables it to track down early detection of signs of distress in the loan accounts. Besides, the balance sheet of the bank is most transparent and clean, which is vetted by a series of audits conducted through a robust audit process including Statutory Audit through auditors appointed by CAG and Annual Financial Inspection by RBI.

    Excerpts of the interview:

    How do you view J&K Bank in present scenario?

    A. Let me begin with a statement that J&K Bank is in safe and stable hands. We have earned prestige and honour at forums of national and international excellence. I am proud in saying that J&K Bank is a bank with comfortable capitalization levels marked by high capital adequacy ratio (CAR), strong low-cost deposit base, strong liquidity profile, stable financial performance and comfortable asset quality buffered by high provision coverage. We are embarking on our vision to catalyse economic transformation and capitalize on growth. Our vision is to engender and catalyse economic transformation of Jammu and Kashmir and capitalize from the growth induced financial prosperity thus engineered. We aspire to make Jammu and Kashmir most prosperous state in the country, by helping create a new financial architecture for the J&K economy, at the center of which will be the J&K Bank.

    The model of our operation is unique. Even as we are a regional bank, we provide services of international standard to the people of J&K and at the same time we are functioning as a super-specialist bank in the rest of the country. The two together form a key for us to becoming the most profitable bank in the country. Our Ratings from Fitch India, a Fitch Ratings affiliate, re-affirming our Long-Term Issuer Ratings at ‘IND AA’ with Stable Outlooks vouches for our strength and operational capability. The company has rated the bank’s Subordinated Long-Term Debt at ‘IND AA’. CRISIL, India’s leading ratings agency, rates J&K Bank debt instruments at A1+’. The ratings on deposit programmes of the bank stand at FAA/ Stable/CRISIL A 1+’. CARE Ratings has reaffirmed the bank’s Lower Tier II Bonds as CARE A A. On the basis of our business outlook, financial strength, valuation, market cap and trading liquidity, Credit Suisse Group, a leading global financial services company, recently cherry-picked J&K Bank among top five organizations in Asia as an interesting investment opportunity.

    What steps are you taking to arrest swelling of NPAs?

     A. If you look at the over all banking scenario in the country then you will find whole banking industry is under tremendous stress. Bad loans are rising as growth has fallen below potential and companies are reeling under obstacles to project clearances. Even our regulator Reserve Bank of India has vetted this fact in one of its reports. Technically speaking, the asset quality of the banking system has deteriorated significantly and non-performing assets of even country’s largest banks have gone up considerably. Now coming to our position in this scenario: Let me clear it that our NPA level is one of the lowest in the industry. We have a robust mechanism for NPA management enabling us to track down early detection of signs of distress in our loan accounts. We have foolproof measures in place which we implement to preserve the economic value of our assets if need arises. I am proud that we have largely contained it.

    What is the strength of your balance sheet?

    A. Our balance sheet is absolutely transparent and clean. Don’t expect any concealing activity when you are subjected to multiple audit mechanisms. We are subjected to a robust audit process including Statutory Audit through auditors appointed by CAG and Annual Financial Inspection by RBI. Let me also remove confusion visà- vis classification of non-performing assets. An account is classified as NPA when borrowers default in repayments for three continuous occasions. Stressed account is not at all an NPA. Let’s also understand that loan accounts turning NPAs or coming under stress is a part of normal banking operational cycle. An account turning NPA doesn’t mean bank’s money is gone. Of course, it takes time and efforts which the bank has to invest in recovering these non-performing accounts in accordance with the factors responsible for turning it bad.

    I also share with you that for last many quarters, stress in assets has been rampant across the banking industry. In March, 2014, we had gross NPL’s around 783 Cr while as the Net NPL’s were 102 Cr. But there is a marked difference between the stressed assets and Non Performing Loans. Normally, decision to declare an asset as non-performing has to be taken in accordance with the prescribed guidelines of the regulator, borrowers’ repayment history and market credibility. As a responsible corporate, we have been following all the prudential guidelines as stipulated by RBI for declaring sticky loans as NPA’s or restructuring advances.

    What about restructuring of loans?

    A. To keep an asset alive and working to the benefit of the bank, we have a tool of restructuring the assets. It’s a normal thing in the banking system to restructure loans so that they don’t fail to generate business for the borrower and income to the bank. It’s envisaged in the banking rules and is done in accordance with the rules and regulations prescribed by the RBI. As far as our restructured asset portfolio graph is concerned, it’s witnessing a downward trend.

    Currently it hovers around Rs 1500 Cr which is quite normal as per industry standards. Though at one point in time it had even reached Rs2900 Cr. I again assure you that while declaring any advance as stressed, restructured or NPA we follow laid down processes and procedures which are quite robust and in accord with prescribed regulations and industry best practices. Moreover, I am proud of the trust of our stakeholders which is the most valued asset for the bank.

     

  • Kashmir belongs to Kashmiri’s Outsiders better not to dream of an inch of it

    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.

     

  • Taj reviews under construction health sector projects

    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. 

  • Geelani calls for strike on July 13

    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.

  • Another victim of rehabilitation policy: Tariq fighting for school admissions, dignified livelihood

    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 9th 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.

  • NC must go for early reshuffle: Beg

    Said Dr Farooq will consider views of party activists ahead of pre-poll pact

    Srinagar: Maintaining that NC president Dr Farooq will taken into consideration the views of the party men before entering into any pre-poll pact with the Congress, senior NC leader and a former parliament member Dr Mehboob Beg Tuesday remarked that reshuffle within NC would be a vital step to rebuilt peoples’ trust.

    Beg told KNS that the party has reserved its decision on any pre-poll alliance with the state Congress for the forthcoming polls and that the same shall be taken by the party president himself. “It is the president that is authorized to take final call over the pre-poll pact issue. But at the same time I can assure you that the views of the ground level workers and activists shall be taken into account before making the decision final.”

    He stated that the people of Jammu and Kashmir through the recently held polls expressed anger against the party and that much hard work is needed so that the trust could be rebuilt. “We have to take people friendly measures so that we could achieve fleet during the assembly elections. The leaders must understand that the polls for the state assembly are not going to be a calk walk for us.”

    Over the reports of the reshuffle within the ruling national conference, Beigh stated that when people have made the party to taste defeat, it has to in return take steps that would give a signal that the party has taken note of its recent debacle. “It is the high time that NC must introspect and come up in open with the steps that could make the party to register triumph in the coming time.”

    Beg recently hit headlines when he leveled serious allegations against finance minister Abdul Rahim Rather, accusing him of facilitating “backdoor entries” of his own people in Jammu and Kashmir Bank and snubbing party members in District Development Board (DDB) meetings.

    “I am told that there have been numerous appointments in J&K Bank at the behest of Abdur Rahim Rather,” Beg told reporters in Sarnal , after commemorating the 32nd death anniversary of his father and NC leader Mirza Muhammad Afzal Beg. He said most of the appointees come from Rather’s home constituency of Chrar-e-Sharif. “Providing employment to youth is good but there should have been appointments from Anantnag as well,” he said. Admitting that there was PDP wave during parliamentary elections in the Valley, Beg said, “We must introspect reasons of defeat and voters’ alienation from our party.”

  • Abolition of two-flag system in JK: A non issue for pro-freedom camp

    Srinagar: As the BJP put forth its demand to abolish the two flag system in Jammu and Kashmir, the same has found little significance in the pro-freedom camp with the amalgam led by Syed Ali Geelani terming it as a ‘non-issue’.

    How could this be a topic of debate in Kashmir, it has nothing to do with the real issue of Jammu and Kashmir, said Huriyat Conference (G) chief spokesman Ayaz Akbar, adding that the moves can in no way deter the ongoing resistance camp in Kashmir.

    He further told KNS that the plough with the three lines and the tricolor are the two faces of the same coin- both ‘occupying’ the disputed state of Jammu and Kashmir. “Let it be the new debate among other circles, for us having this flag or abolishing the same must not be a worry among the pro-freedom camp of valley,” maintained Akbar.

    Senior leader Huriyat Conference JK Shabir Shah castigated the policies of the BJP led government- stating that its agenda has always been anti-Kashmir since its inception and that the people of Jammu and Kashmir must understand the hidden policies of the party that could perturb the Himaliyan region further. “BJP at one time comes up with the promise to scrap Article 370, then the permanent settlement of refugees. Also it came up with the idea of providing separate homeland to our pandit brothers. Now when the two flag system is being demanded to be abolished. People must differentiate between friends and foes at this crucial juncture of History,” Shah stated.

    Pertinently ,BJP MP from Uttarakhand Tarun Vijay on Monday  demanded in Rajya Sabha that two flag system be abolished in Jammu and Kashmir and the last diary of Dr Shyama Prasad Mookerjee (whose birth anniversary was observed by BJP top brass on July 6 in Parliament) be traced and returned to his family.

    In a special mention in the Parliament today, Tarun Vijay said, “Dr Shyama Prasad Mookerjee was a great statesman and national leader who sacrificed his life for national integration and social unity. He breathed his last under mysterious circumstances on June 23, 1953 in a jail at Srinagar. No enquiry was done. His last diary, which he used to keep meticulously, was never returned to his family by the then J&K government. After his sacrifice the permit system to enter J&K was abolished and the nomenclatures of Wazir-e-Azam and Sadr-e- Riasat were changed to the Chief Minister and the Governor. But, still the two flag system remains in operation in J&K. I demand the government must abolish the two flag system for J&K and allow only Indian National tricolour for their state as is applicable in all other Indian provinces.”

    He also demanded that a suitable memorial be erected in the memory of Dr Mookerjee in Srinagar and a plaque be established at the place where he was jailed and he went to his heavenly abode. He also demanded that Dr Mookerjee’s last diary be retrieved from J&K government.

  • Row over Drabu’s candidature: PDP created devil and deep sea situation for me: Syed Bashir

    ‘Will always abide by my party directive’  

    Srinagar: Peoples Democratic Party (PDP) leader and MLA Rajpura Syed Bashir on Tuesday said the nomination of Dr Haseeb Drabu as party’s candidate from his constituency for upcoming assembly elections has created a devil and the deep sea situation for him.

    “I don’t know what to do. On the one side I cannot overrule party decision as I hold Mufti Saheb and Mehbooba Ji in high esteem and on the other I don’t feel myself in a position to control my committed workers who have shown serious reservations over party’s decision,” Bashir told KNS.

    In a candid confession, Bashir said that he was not taken on board by his party leadership while evolving consensus on Dr Drabu’s candidature. “I respect and hold Dr Drabu in high esteem as he is an experienced person and a visionary as well but on the other I am not able to face my voters in the constituency who till the last moment were preparing and strategizing poll preparations for my smooth win,” he added.

    The PDP senior leader and former minister of state for PHE said that nomination of Dr Drabu’s as the party candidate from Rajpora was an ‘abrupt decision’ which has created ‘havoc’ in his constituency. “There is no doubt that I respect Mufti Saheb and Mehbooba Ji and am ready to sacrifice anything  for them and the party but at the same time I owe my people a lot. How can I ignore their feelings and aspirations?” Bashir stressed.

    Bashir said that Mehbooba conveyed him the decision of nominating Dr Drabu from Rajpora and he told her that the party is free to take any decision and he will abide by all party directives. “I will abide by the party decision but also how can I ignore my people who have sacrificed everything for me in last 30 years of my political career.”

    When asked whether he was contacted by any other political party especially PDP’s arch rival National Conference, Bashir said that no political party has approached him sofar. “The NC cannot afford to contact me and they know it. But somebody has posted me a text saying that with Drabu’s nomination Rajpora seat is now in NC’s kitty. I replied to him that till I am alive nothing will happen to PDP in my constituency. And God wiling I will make them (NC) to eat dust,” Bashir said.

    He revealed that Drabu’s candidature has been decided in last minute changes to the list which had earlier included his name as the party candidate from Rajpora constituency.  Asked was he contacted by his party or will he approach them in near future, Bashir said that he will not approach party leadership unless they call him. “How can I approach them when I have not been called by them?” Bashir said while expressing his concern over the fate of his workers. “I am in a complete dilemma so are my workers who are restless since the party announced its list nominating Dr Drabu as the party candidate from Rajpora.

  • 9 Govt officials loose life in tragic accident at Simthan Top

    Omar, Vohra, Azad, Mufti, Soz, Mehbooba, Tarigami expressed shock

    Srinagar: Nine persons died when a Tata Sumo bearing Registration number  JK17-840 meet with an accident near Potato farm at Sinthin top 70 kilometers from Kishtwar at National Highway resulting into the on-spot death of all the nine occupants traveling in the said departmental vehicle owned by the Sheep Husbandry Department.

    Reports reaching KNS said at around 10:00 AM in the morning, the vehicle was on its way to Warwan via Sinthan top for organizing a special camp of the department to facilitate better Medicare to the live stock in the area when it skidded off the road and rolled down into deep gorge near Machrari Morh belt of tehsil Chatroo.

    As the police received the information about the accident, a party from police station Chatroo, Medical team from PHC Chatroo, Veterinary team, Army personal from Chingam, local people and villagers rushed to the spot and shifted all the dead bodies to Primary Health Center Chatroo and District Hospital Kishtwar.

    Later after completing the autopsy, police handed over the dead bodies of deceased to their relatives for last rites. As per police reports, all nine dead have been identified as Dr Mohd Rafiq Akhoon District Officer Sheep Husbandry Kishtwar (DSHO) Son of Sanavullah Akhoon (57) Resident of Kishtwar, Dr Amir Kamal Veterinary Assistant Surgeon (VAS) Son of Ghulam Nabi Kamal (30) Resident of Kishtwar, Abdul Rehman Son of Lassa Reshi (58) Resident of Chatroo, Irshad Ahmed Son of Ghulam Mohammad Wani (42) Resident of Sheri Chatroo, Satlal Sharma Son of Gosawamu Ram (40) Resident of Berabhatta Kishtwar, Ghulam Ahmed Son of Mohd Ramzan (58) Resident of Mullar Chingam, Darshan Kumar Assistant Stockman Son of Munshi Ram (52) Resident of Samba Jammu, Abdul Kareem Son of Ghulabo (26) Resident of Balana Sigdi and Rakesh Kumar Son of Prem Nath (40 ) Resident of Loidhar.

    Those who have condoled the demise of nine passengers include Omar Abdullah, N N Vohra, Mufti Mohammad Sayeed, Ghulam Nabi Azad, Prof Saiffudin Soz, Mehbooba Mufti, M Y Tarigami. G A Saroori and Sajjad Kitchloo.

  • Police arrest 37 beggars in Srinagar

    Srinagar: Srinagar police has launched a special drive against beggars who have swarmed the city these days causing annoyance to the general public, a police statement said.

    “On the directions of SSP Srinagar, Amit Kumar city police launched a special drive against the beggars. So far police has arrested 37 local and non local beggars,” the statement informed.

    A number of public delegations had apprised SSP Srinagar about the mushroom growth of beggars in city who create nuisance at public places and places of worship. The menace of begging is assuming alarming proportions in city and other districts.

    “All the arrested beggars were produced before the local magistrates under Jammu and Kashmir Beggary Act, 1960 who have ordered their push back to their native places,” the statement added.