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| J&K Bank celebrates Platinum Jubilee | | Omar for further improvement in CSR, CD ratio | | EARLY TIMES REPORT
SRINAGAR, Oct 1 : While congratulating the Jammu and Kashmir Bank on its Platinum Jubilee, Chief Minister Omar Abdullah today said that the past of Bank has been amazing and if it continues to grow and improve like that its future will be brighter and there is no limit to boundaries it can touch. Comparing the ageing of an institution with that of an individual, the Chief Minister said that while an individual gets weaken by becoming older and older; the institutions get strong and stronger with attaining more and more age. He said that the same is true for the Jammu and Kashmir Bank attaining 75 years of age and serving the State with a commitment and zeal.
Omar recalled that when his Government allowed the Bank to adopt RBI ways and means for becoming financially independent and commercially sound, many apprehensions were made by the certain sections of media, politicians and former bankers. "But their apprehensions were proved false and the bank took it as an opportunity to achieve new goals and lofty heights", he said.
He said that with the improvement in the situation in Jammu and Kashmir other Banks are looking towards the State.And in this competitive atmosphere for J&K Bank, Omar said, "The Banks should focus on localized products and advised J&K Bank to move an extra-mile in its banking activities aimed at helping the local economy.
The Chief Minister also talked about the status of CD ratio and Corporate Sector Responsibility (CSR) of Banks and appreciated Jammu and Kashmir Bank for showing significant improvement in this sector. He expressed the hope that the Bank would further improve in these fields.
Speaking on the occasion, Union Minister for Finance, P Chidambaram referred to his and Chief Minister, Omar Abdullah's joint efforts to bring about peace and stability in the State. He advised the J&K Bank to open more branches in the country and said J&K Bank should also open overseas branches and help expand the trade and commerce of the State. He said the initiatives of the Government of India and the Jammu and Kashmir State Government to enhance banking facilities. The Platinum Jubilee celebration function of the J&K Bank was also addressed by Deputy Chief Minister, Tara Chand, Minister for Finance, Abdul Rahim Rather and Chairman J&K Bank, Mushtaq Ahmad. In their speeches they highlighted the achievements of the Bank.
At the onset of ceremony, the Chairman and CEO of the Bank Mushtaq Ahmad presented resume of the history and development of the Bank and said that in its Silver Jubilee year of 1963 J&K Bank had an annual business turnover of Rs. 5.79 crore and annual profit of Rs. 2.7 lakhs which has grown to Rs. one lakh crore business and Rs. 1000 crore profit in the Platinum Jubilee year. |
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