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| J&K Bank is reflection of state: Mushtaq | | | EARLY TIMES REPORT
SRINAGAR, Oct 12: Making a fervent appeal to young entrepreneurs of the state to come forward with innovative ideas and viable proposals, Chairman and Chief Executive Officer JK Bank Mushtaq Ahmad assured them that bank would always be there to help them with finances and other possible support.
Mushtaq was speaking on the inauguration ceremony of Industrial Finance Branch at Industrial Growth Centre, Samba. The branch is specially designated to extend financial support to the industrial units. Besides, the branch shall be providing all other banking facilities and services to its customers.
The branch was inaugurated by the Chairman and Chief Executive Officer, Mushtaq Ahmad, at an impressive function. The function was attended by Executive President of J&K Bank, Ajit Singh, President and Secretary of the bank, Parvez Ahmad, Zonal Head, Jammu (Central), Madan Gupta and a good number of customers of the bank.
A chemical industrial unit was given on the spot sanction of Rs 11 crores and the sanction letter was given to the unit holder jointly by Mushtaq Ahmad, Chairman and Chief Executive Officer of the Bank.
Speaking on the occasion, Mushtaq Ahmad while describing the success story of the J&K Bank said, “When I joined the bank in 1972, the total business of the bank was just Rs 25 crore and the profit of the bank was Rs 4 lakh. Today, the business of the bank is Rs 65000 crore and profit Rs 512 crore. Per day profit of the bank was a little over Rs 1000 and today it is Rs 2 lakh per day.”
Calling J&K Bank as a reflection of the state, Mushtaq said, “For industrial sector to be a success story anywhere in the world four ingredients are indispensable. These are Entrepreneurship, skill-set, Finance and technology. As states premiere financial institution we are certainly looking at the areas that shall be the focus of our short and long term lending towards this sector.”
“Our strategy to extend finance is sector-specific to promote industries. In our strategy we shall be taking due care of the climate, accessibility, raw material availability, human resources and consumption pattern”, he said.
In his welcome address, Vice President (Jammu Central) Madan Gupta gave details of various initiatives taken by the bank for the strengthening the industrial scenario of the state.
He said, the J&K Bank continues to improve its services, expand its branch, ATM network and extend facilities to all its stakeholders.
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