Early Times Report
Srinagar, Sept 3: Citing that uncertainty was not good for growth of any institution, Omar Abdullah, Chief Minister, J&K requested RBI to speed up their decision on term extension of Mushtaq Ahmad Chairman and CEO J&K Bank.
Pitching strongly for Chairman's continuation during his address at the inaugural function of Bank's National Business Centre in Bandra Kurla Complex, Mumbai he said, "Uncertainty is not good for the growth of any institution. Mushtaq Ahmad's first term as chairman of J&K Bank is about to end, a long due request has been put to RBI that we will like to continue with him as the Chairman of J&K Bank. I urge the deputy governor to intervene and help speed up the decision-making process.
It is without doubt a fact that for us in J&K, withstanding the turmoil of the last 25 years of militancy would have been much tougher without J&K Bank. At the time, when almost every other institution backed out and left, J&K Bank was the only institution not just servicing the banking needs but fulfilling other financial requirements of the state." It is a journey from an institution to a well known entity within and outside the J&K State. Under the leadership of Mushtaq Ahmad, no goal seemed to be unachievable, he added.
Speaking at the occasion H.R. Khan, Deputy Governor, RBI said, "J&K Bank is a great example of public-private partnership and has taken lots of steps in the field of corporate finance, SME finance, priority sector finance and especially in the field of financial inclusion. The Khidmat Centers are a unique initiative and are being leveraged by the bank in a great way for financial inclusion.
It is very critical to have a robust and regulate banking system, one major indicator of it is how to handle and manage your credit policy. J&K Bank has one of the lowest NPA in the country which talks of the very strong management and robust system that the bank follows in terms of asset quality." Acknowledging human resource as the USP of the bank, the deputy governor congratulated the bank for being one of the most solid financial institutions in the country on almost all parameters, especially; its strong efficiency ratio, the low cost to income ratio and its return on equity showcase the resilience of the bank.
Earlier in his welcome address Mushtaq Ahmad, Chairman J&K Bank said, "Today, is a great occasion for J&K Bank, as it has found a place for itself and established itself in the financial capital of the country, this will enhance the brand equity of the bank further. "J&K Bank has been many times referred to or perceived as a bank confined within the state, but it has presence all across India with 111 branches out of the 703 outside the J&K state, and is going strong. It has moved to various parts of the country not just as a financial institution but as an ambassador of J&K state's rich culture and heritage", he added. |
