Remove ads
Jammu & Kashmir Bank Limited (J&K Bank) is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir. The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh. The bank registered a total business turnover of over ₹1750 billion as of 31 March 2021.
 | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
|
 | |
| Company type | Private |
|---|---|
| NSE: J&KBANK BSE: 532209 | |
| Industry | |
| Founded | 1 October 1938 |
| Founder | Mahraja Hari Singh |
| Headquarters | Srinagar, Jammu and Kashmir, India |
Key people | Baldev Prakash (MD & CEO) |
| Products | |
| Revenue |  ₹10,121 crore (US$1.2 billion) (2023)[1] |
| ₹1,860 crore (US$220 million) (2023)[1] | |
| ₹1,181 crore (US$140 million) (2023)[1] | |
| Total assets | ₹145,913 crore (US$17 billion) (2023)[1] |
| Owner | Government of Jammu and Kashmir |
Number of employees | 12,307 (2021) |
| Capital ratio | 12.20%[1] |
| Website | jkbank |
Remove ads
J&K Bank was founded on 1 October 1938, under letters patent issued by the then Maharaja of Jammu & Kashmir, Maharaja Hari Singh.
Maharaja of Parmar Rajputs was invited as an investor by Maharaja of Jammu & Kashmir, Maharaja Hari Singh to become founding director and shareholders of the bank.
The bank commenced banking business on 4 July 1939 and was considered the first of its nature and composition as a state-owned bank in the country. The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.
After the Indo-Pakistani War of 1947–1948, the princely state of Jammu and Kashmir was divided and two branches of the bank out of the then 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now in Azad Kashmir administered by Pakistan) fell to the other side of the Line of Control along with cash and other assets.
The bank is defined as a government company under the Indian Companies Act, 2013. In 1971, the bank acquired the status of a scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.[citation needed]
Remove ads
The bank celebrated its platinum jubilee in 2013. In that year, the bank achieved a total business of ₹1000 billion and earned a net profit of ₹10 billion.[2][3]
On 1 October 2018, the bank completed its 80 years of existence and a campaign under the theme “80 years of bonding – I pledge to strengthen it” was launched.[4]
On 1 July 2019, the bank surpassed a deposit base of ₹1000 billion with over 10 million customers.[5]
In July 2020, the bank ranked within the top four financial institutions in India for successfully meeting digital payment targets under the ‘Digital India’ mission.[6]
In August 2024, rating of bank was upgraded by India Ratings – a Fitch Group company and one of the india's leading rating agencies . Company in its report upgraded the long term issuer rating of the bank from INDA+ to INDAA- with a stable outlook for long term . [7]
Remove ads
As of 3 June 2024, the bank maintains a network of 2400 touch points - 1001 branches and 1388 A[8]TMs, distributed across 18 states and 4 Union Territories. 804 of the branches are in the Union Territory of Jammu & Kashmir and 36 are in the Union Territory of Ladakh.
Within the Union Territories of J&K and Ladakh, the bank also operates a total of 75 Easy Banking Units (EBUs). 35 of these EBUs are situated in the Union Territory of Ladakh, while the rest operate in the Union Territory of Jammu & Kashmir.[citation needed]
Remove ads
J&K Bank provides investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in Gurgaon) besides having sales desks at 61 J&K Bank branches across the Union Territory of J&K.[citation needed]
J&K Bank serves as the sponsoring bank for J&K Grameen Bank, holding a substantial 35% equity share. J&K Grameen Bank focuses on delivering a comprehensive range of financial services within the Union Territories of Jammu & Kashmir and Ladakh. Commencing operations on 30 June 2009, the associate bank operates across 11 districts in the Union Territory of Jammu & Kashmir, in addition to 2 districts within the Union Territory of Ladakh.[9]
The bank partners with various national as well as multinational companies to promote and operate its financial services. Under Bancassurance, the bank collaborates with PNB Metlife to offer life insurance products, and joined forces with Bajaj Allianz and IFFCO Tokio to provide non-life insurance solutions.[10] The bank also established partnerships with Tata Motors,[11] Mahindra & Mahindra[12] and Maruti Suzuki[13] to market and offer its financial services.
Bank has also signed corporate agency agreement with LIC through which bank will service and solicit LIC’s life insurance products through its branch network.[14]
Remove ads
J&K Bank has faced repeated accusations of lacking transparency and accountability.[15][16] In 2019, the Anti-Corruption Bureau launched investigations into alleged corrupt practices by a number of bank officials, including former bank chairpersons Parvaiz Ahmad Nengroo and Mushtaq Ahmad Sheikh. Starting 2011, the accused allegedly installed over "2,500 backdoor appointments".[15][17][18]
In August 2020, the Enforcement Directorate (ED) claimed that the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, Hilal Rather, used money loaned from J&K Bank "to splurge on foreign tours and acquire personal assets in India, Dubai and the US." In relation to this, authorities conducted search operations at various sites in Srinagar, Jammu, Delhi and Punjab, but still it remains an allegation and nothing is proved beyond reasonable doubt as most of money has been money probably been siphoned off to Pakistan.He was allegedly working with Pakistan.[19][20][21]
Remove ads
Wikiwand in your browser!
Seamless Wikipedia browsing. On steroids.
Every time you click a link to Wikipedia, Wiktionary or Wikiquote in your browser's search results, it will show the modern Wikiwand interface.
Wikiwand extension is a five stars, simple, with minimum permission required to keep your browsing private, safe and transparent.
Remove ads