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| For global maladies, Drabu has local remedies | | | Early Times Report
Srinagar, Sep 26: In the times of dwindling economies, soaring interest rates and global recession effecting almost everyone individually, one of leading financial institutions of the country, the Jammu and Kashmir Bank has slew of remedies as it refuses to run away from social obligations.
Chairman of the Bank and one of best economists in the country, Drabu says “everyone talks about the gloom on the money markets, liquidity conditions and volumes in the debt markets. Very few talk of how all this transforms into harsher borrowing conditions for small businessmen and tougher times for ordinary people”. “We do”, says Drabu, as he adds “there are many things ethical and socially conscious banks can do. And J&K Bank has shown the way. We are at the forefront to help the families and businesses in harder times”.
At 71st Annual General Meeting of the Bank held at SKICC Srinagar today, the Chairman elaborated on the theme of the Bank’s Annual Report for FY 2008-09 “Global maladies, Local remedies”, and said that the Bank had drawn two lessons from the depressing happenings of the 2008-09, one of strategy and the other of operations. “First, the global problems can have local remedies. Second, that in this phase of exceptional uncertainty, the best course is to remain conservative but creatively so; what we at J&K Bank call ‘creatively conservative’”, he said. On the occasion, the shareholders unanimously approved a dividend of 169% on Bank shares.
Stating that the Bank was readying itself to make right strategic moves soon after the improvement in global economic environment, Drabu said that the Bank’s next target would be to achieve a business volume of Rupees One Lac Crores.
Expressing optimism over the recovering market scenario, Drabu said that Bank had to gear itself to ride the boom as and when it happens. “In the last four years, we have been able to transform the Bank in every way you look at it; the financials are much better, and so are the fundamentals. The balance sheet is fully leveraged, cost efficiency is at the highest ever level and is now among the best in the industry, the efficiency of using assets to generate earnings has more than doubled in the last four years, the profit that we have generated with ‘shareholders’ money has more than doubled. All this has happened even as business crossed the Rs.55000 crore mark” he said.
Stressing that the Bank’s J&K centric strategy had acted as an anchor for the Bank during the market meltdown Drabu said that it was a result of change in strategy that the J&K Bank today has one of the most seasoned loan books in the banking industry in India.
Responding to query regarding fake currency notes, Dr Drabu expressed concern over the reported instances of circulation of fake notes across the country. He informed the gathering “We are installing counterfeit currency detecting machines in all of our branches to check the menace”.
Dr Drabu also announced installation of a bio-metric machine for convenience of the illiterate customers of the bank. The high-tech machine works on the finger print technology and makes it very easy for the illiterate customers to withdraw cash.
Commissioner Secretary Finance, Mr Sudhanshu Pandey represented the state Government at the meeting. Besides, scores of shareholders, those present on the occasion included the Bank's Executive Directors Mr A K Mehta and Mr. A M Mir, President and Secretary Mr. Parvez Ahmed, Directors on the Board, executives, senior officers and former directors of the Bank.
The share holders expressed their gratitude to the management of the bank and reposed complete trust in the bank’s leadership.
A corporate film depicting the Bank’s role as a corporate citizen and how the financial products tailor-made by the bank has been instrumental in empowering people was screened on the occasion.
5 new directors for JK Bank
J&K Bank has appointed five new directors on its Board. The new directors include prominent businessmen Mohammed Ibrahim Shahdad, Abdul Majid Mattoo and Vikrant Kuthiala, noted economist and academician Prof. Nisar Ali and renowned Chartered Accountant Rakesh Gupta.
With these additions, the strength of the Board of Directors has increased to 11. Mr Nihal Gareware is expected to be co-opted as additional director in the next Board meeting scheduled to be held in October, 2009.
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