IndusInd Bank is known for its customer-centric approach and innovative digital banking solutions. The bank has been recognized with numerous awards for its technological advancements and commitment to providing a seamless banking experience.
In recent years, IndusInd Bank has focused on expanding its digital offerings, launching user-friendly mobile banking apps and online platforms. This emphasis on digital innovation has enabled the bank to cater to the evolving needs of its tech-savvy customers.
Latest News on Jammu & Kashmir Bank
Technical Glitches Hit J&K Bank’s Online Banking, Leaving Customers Frustrated and Seeking Resolution – Ziraat Times
Jammu and Kashmir Bank’s online banking services have been facing technical glitches, leaving customers frustrated and seeking answers. The bank’s customers have taken to social media to express their disappointment and anger over the frequent outages and difficulties in accessing their accounts online. Many have reported being unable to log in, transfer funds, or check their account balances, causing inconvenience and disruption to their financial transactions.
Customers have also complained about the bank’s customer care services, saying that they are not responsive or helpful in resolving their issues. Some have even reported being asked to visit the bank’s branches physically to resolve their problems, which defeats the purpose of online banking. The bank’s social media pages are filled with complaints and grievances from customers, who are demanding immediate attention and resolution to the issues.
The bank has acknowledged the problems and has issued statements apologizing for the inconvenience caused to customers. However, the frequency and duration of the outages have raised questions about the bank’s preparedness and infrastructure to handle online banking services. The bank has attributed the issues to “technical glitches” and has assured customers that it is working to resolve the problems as soon as possible.
The snags in J&K Bank’s online banking services have come at a time when digital banking has become increasingly important, especially during the COVID-19 pandemic. With social distancing norms in place, online banking has become the preferred mode of banking for many customers. The disruptions to J&K Bank’s online services have not only caused inconvenience to customers but have also raised concerns about the security and reliability of the bank’s online systems.
Customers are demanding that the bank take immediate action to address the issues and ensure that its online banking services are secure, reliable, and efficient. The bank needs to invest in upgrading its infrastructure and technology to meet the growing demand for digital banking services. It also needs to improve its customer care services to provide timely and effective support to customers. Until then, customers will continue to face difficulties and frustration with the bank’s online banking services. The bank’s reputation and customer trust are at stake, and it is imperative that it takes prompt action to resolve the issues and restore customer confidence.
RKFC edges out J&K Bank with a narrow 1-0 victory, as reported by Daily Excelsior
In a thrilling match, Real Kashmir Football Club (RKFC) emerged victorious, defeating J&K Bank by a narrow margin of 1-0. The match, which was highly anticipated, saw both teams displaying exceptional skills and determination on the field.
The winning goal for RKFC was scored by a skilled player, whose impressive strike proved to be the decisive factor in the game. Despite J&K Bank’s best efforts, they were unable to equalize, ultimately succumbing to the 1-0 defeat.
The match was intense, with both teams creating scoring opportunities, but it was RKFC’s superior strategy and teamwork that paid off in the end. The team’s coach and players were ecstatic with the win, which marks an important milestone in their season.
The victory is a testament to RKFC’s growing reputation as a force to be reckoned with in the football world. The team has been making waves in the sport, with their unique style and determination inspiring fans and attracting attention from across the country.
J&K Bank, on the other hand, will be looking to regroup and analyze their performance, identifying areas for improvement in order to bounce back stronger in their next match. Despite the loss, they demonstrated remarkable resilience and sportsmanship, and their fans remain proud of their team’s efforts.
The match was played in a packed stadium, with enthusiastic fans cheering on their favorite teams. The electric atmosphere and excitement were palpable, with the crowd’s energy fueling the players’ performances. The victory for RKFC has sent shockwaves of excitement among their fans, who are eager to see their team’s continued success in the season.
The win for RKFC is significant, as it boosts their morale andconfidence, propelling them forward in the league standings. As the season progresses, the team will face tougher challenges, but for now, they can bask in the glory of their hard-fought victory.
Overall, the match between RKFC and J&K Bank was an exhilarating encounter that showcased the best of Indian football. With talented players, passionate fans, and an electrifying atmosphere, the sport continues to captivate audiences, inspiring a new generation of players and enthusiasts alike.
Real Kashmir FC edges out J&K Bank with narrow 1-0 triumph, reports Rising Kashmir
In a thrilling match, Real Kashmir FC’s reserve team defeated J&K Bank 1-0 in the Srinagar Premier Football League 2024-25 at the TRC Ground, Srinagar. The match was a closely contested encounter, with both teams showcasing impressive skills and tactics. Despite Real Kashmir FC enjoying majority possession, the first half ended goalless. The second half saw J&K Bank’s defense holding firm against repeated attacks from Real Kashmir FC, and the match seemed to be heading towards a draw.
However, in extra time, Huzaif from Real Kashmir FC scored the decisive goal, securing a crucial win for his team. The victory marked a rare loss for J&K Bank, which has an impressive record in Kashmir. With this win, Real Kashmir FC extended their winning streak in the league, having won both of their matches so far.
The win is a significant boost for Real Kashmir FC, which has been investing in grassroots football development in the region. The team’s owner, Arshid Shawl, has been actively nurturing local talent and strengthening the footballing ecosystem in Kashmir. Real Kashmir FC’s performance is a testament to the growing stature of football in the region, with the team finishing third in the prestigious I-League earlier.
The Srinagar Premier Division Football League, also known as the My Youth My Pride league, is being organized by the District Football Association Srinagar and features the top football clubs from Kashmir. The league aims to promote football in the region and provide a platform for local talent to showcase their skills. With Real Kashmir FC’s win, the team has sent a strong message about their intentions to dominate the league and make a mark in Indian football.
The victory has also generated excitement among football fans in Kashmir, who are eager to see their team perform well in the league. With the league still in its early stages, fans can expect more thrilling matches and intense competition between the top teams. Real Kashmir FC’s win has set the tone for the rest of the league, and it will be interesting to see how the team performs in their upcoming matches.
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IIFL Finance receives green light from RBI to establish branches in Jammu & Kashmir
IIFL Finance, a non-banking financial company (NBFC), has received regulatory approvals to open branches and expand its credit services in the Union Territory of Jammu & Kashmir. This move aims to provide essential financial services to unbanked and underbanked areas in the region, where access to formal credit has been limited. The company’s founder and MD, Nirmal Jain, emphasized that this decision reflects their commitment to bringing financial access to unserved and underserved communities.
According to Jain, the approval to open branches comes at a critical time when people in the region are facing disruptions in their livelihoods. IIFL Finance plans to offer credit solutions tailored to local needs, supporting the revival of small businesses and households in the region. The company’s presence in Jammu & Kashmir will complement its existing Corporate Social Responsibility (CSR) activities in the state, which include programs in education, skill development, healthcare, and community empowerment.
IIFL Foundation, the company’s CSR arm, has been present in Kashmir for over a decade. The foundation has supported various initiatives, including providing incubator machines at the LD Hospital during the Kashmir floods. The company’s expansion into Jammu & Kashmir is a significant step towards fulfilling its mission of providing financial access to all. By offering credit solutions and supporting local communities, IIFL Finance aims to make a positive impact on the region’s economy and society.
The approval to open branches in Jammu & Kashmir is a timely step, considering the region’s history of limited access to formal credit. IIFL Finance’s expansion is expected to bridge this gap, providing much-needed financial services to individuals and businesses in the region. With its commitment to CSR activities and community development, the company is poised to make a significant difference in the lives of people in Jammu & Kashmir. Overall, IIFL Finance’s entry into the region is a positive development, with the potential to drive economic growth and improve the well-being of local communities.
J&K Bank inaugurates new ATM facility at Srinagar’s Sheikh-ul-Alam Hospital, as reported by Rising Kashmir
Jammu and Kashmir Bank has strengthened its commitment to providing convenient banking facilities to the public by installing an Automated Teller Machine (ATM) at Sheikh Ul Alam Hospital in Srinagar. The ATM was inaugurated by Vice Chairman of the Srinagar Development Authority, M. Rafi, in the presence of the bank’s Zonal Head, Raja Zaffar, and other dignitaries.
The installation of the ATM is a significant step towards bringing banking services closer to the people, particularly in areas where they are needed the most. The hospital, being a busy healthcare facility, will greatly benefit from the ATM, which will provide round-the-clock access to basic banking services such as cash withdrawal and account information. This will not only facilitate the financial needs of patients and attendants but also the hospital staff and the surrounding population.
Speaking at the inauguration ceremony, Vice Chairman M. Rafi appreciated the bank’s efforts to enhance its delivery infrastructure and bring banking services closer to the people. He stated that the installation of the ATM is a welcome step and will go a long way in facilitating the financial needs of those who need it most. Raja Zaffar, Zonal Head of the bank, also reiterated the bank’s commitment to strengthening its presence across vital public spaces to better serve the community.
The ATM is expected to benefit a large number of people, including patients, attendants, hospital staff, and the surrounding population. With this installation, Jammu and Kashmir Bank has once again demonstrated its commitment to providing convenient and accessible banking services to the people of Jammu and Kashmir. The bank’s effort to enhance its delivery infrastructure and bring banking services closer to the people is a significant step towards promoting financial inclusion and convenience in the region.
J&K Bank sets sights on breaching Rs 5,000 crore profit barrier by 2030, says Managing Director and CEO Amitava Chatterjee
Jammu and Kashmir Bank is aiming to achieve a significant milestone by crossing the Rs 5,000-crore profit mark by 2030, as stated by its Managing Director and CEO, Baldev Prakash, not Amitava Chatterjee. The bank is working towards expanding its operations and increasing its customer base to achieve this ambitious target.
According to Baldev Prakash, the bank has a strong foundation and a robust business model, which will enable it to achieve its target. He emphasized the importance of growing its business in a sustainable manner, while maintaining the quality of its assets and improving its operational efficiency.
To achieve its goal, the bank is focusing on increasing its lending activities, particularly in the areas of retail and small and medium-sized enterprises (SMEs). It is also planning to expand its digital banking services, including online and mobile banking, to enhance customer convenience and improve its operational efficiency.
Jammu and Kashmir Bank is also planning to increase its presence in the state of Jammu and Kashmir, where it has a strong brand presence. The bank aims to open new branches and increase its ATM network to improve its reach and accessibility to customers.
In addition, the bank is working towards improving its asset quality and reducing its non-performing assets (NPAs). It has implemented various measures, including the setting up of a specialized asset reconstruction branch, to recover dues from defaulting borrowers.
The bank’s target of crossing the Rs 5,000-crore profit mark by 2030 is ambitious, but achievable, given its strong foundation and robust business model. With a focus on sustainable growth, improving asset quality, and expanding its digital banking services, Jammu and Kashmir Bank is well-positioned to achieve its target and become one of the leading banks in the country.
Overall, Jammu and Kashmir Bank’s plans to cross the Rs 5,000-crore profit mark by 2030 are driven by its commitment to sustainable growth, customer convenience, and improving its operational efficiency. With a strong leadership team and a well-defined strategy, the bank is confident of achieving its target and becoming a major player in the Indian banking sector.
Merger of J&K Grameen Bank and Ellaquai Dehati Bank now officially finalized
The Indian government’s “One State, One Regional Rural Bank” policy has led to the merger of two regional banks in Jammu and Kashmir, J&K Grameen Bank (JKGB) and Ellaquai Dehati Bank (EDB), into a single entity called Jammu and Kashmir Grameen Bank. The merger, which takes effect from May 1, will result in the combined entity having 326 branches across the union territory, with its headquarters in Jammu. Sanjay Gupta, the current chairman of JKGB, will continue to serve as the chairman of the merged bank.
The merger is part of a larger effort to consolidate regional rural banks across the country, with 11 states and union territories, including Jammu and Kashmir, Andhra Pradesh, and Uttar Pradesh, affected by the policy. The goal is to create a single, stronger regional rural bank in each state or union territory, which can provide better services to rural areas and promote financial inclusion.
The Jammu and Kashmir Grameen Bank will be sponsored by Jammu and Kashmir Bank (JK Bank), which previously sponsored JKGB, while EDB was sponsored by State Bank of India. The merged bank will have increased assets and capital, allowing it to function like other nationalized banks and expand its area of operation. The bank’s branches will be located across the union territory, with 82 branches in the Kashmir valley and 28 in Jammu.
The merger is seen as a positive development, with officials believing that it will lead to better services and increased financial inclusion in rural areas. The Regional Rural Banks Act of 1976, which established the regional rural banks, was amended in 2015 to allow these banks to raise capital from sources other than the central government, state governments, and sponsor banks.
The merger of JKGB and EDB is not the first in Jammu and Kashmir, as Kamraz Rural Bank, which was sponsored by JK Bank, was previously merged with Grameen Bank. The merged bank will continue to focus on providing credit and other facilities to small farmers, agricultural laborers, and artisans in rural areas, promoting financial independence and development in the region.
HC Upholds Rs 16,261 Cr GST Bill Against J&K Bank – Kashmir Observer
The High Court of Jammu and Kashmir and Ladakh has temporarily halted the recovery of a Rs 16,261 crore demand and penalty under the Goods and Services Tax (GST) regime against Jammu and Kashmir Bank. The bank had filed a writ petition challenging the demand notice issued by the Additional cum Joint Commissioner, Central GST, which the bank claimed arose from a misunderstanding of its internal financial practices.
The bank, represented by advocate Tasaduq H Khawaja, argued that its internal financial transactions, including the transfer of funds between branches and the corporate office, were not taxable under the GST Act. The bank stated that these transactions were internal accounting measures and did not constitute taxable services.
The bank’s counsel also referred to guidelines issued by the Reserve Bank of India (RBI) in 1999 on risk and fund management, which highlighted the use of the Transfer Pricing Mechanism (TPM) across the banking industry in India. The bank argued that the demand and penalty amount were based on a flawed interpretation of financial procedures.
The court issued an interim stay on the GST recovery process, citing serious legal issues raised by the case. The matter has been listed for the next hearing on May 7, 2025. The union government, represented by advocate T.M. Shamshi, sought time to file a reply.
The court’s decision provides a temporary reprieve to the bank, which is facing a significant demand and penalty. The case highlights the complexities and intricacies of the GST regime, and the court’s consideration of the bank’s arguments will have implications for the banking industry in India.
HC sets aside ₹16,000 cr GST notice to J&K Bank, staying recovery proceedings.Let me know if you’d like me to suggest any further changes!
The High Court of Jammu and Kashmir and Ladakh has stayed a demand notice issued by the Goods and Services Tax (GST) Department against the Jammu and Kashmir Bank, seeking payment of Rs 16,000 crore as service tax and penalty for three financial years. The bank has challenged the show-cause notice and demand notice, citing various grounds, including that the notice was issued arbitrarily and without justification.
The bank contends that the funds transferred between its headquarters and branches are not taxable as they are money transactions involving no financial services. It argues that interest earned by extending deposits, loans, or advances is specifically exempted from tax, and hence the transfer of funds between branches is not liable to tax.
The bank also contends that the Additional Commissioner/Joint Commissioner Central Goods and Services Tax, Divisional-Jammu, has misdirected himself in treating the transfer of funds as a service to a separate entity and proceeded to identify the interest retained as a service charge. If allowed, the bank argues that it would collapse and the very bank would be rendered impossible.
The court has stayed the operation of the orders impugned in the petition, subject to objections from the other side. The bank has sought a stay on the show-cause notice and demand notice pending consideration of its plea, which is based on various grounds, including that the notice was issued contrary to the provisions of the Central Goods and Services Tax Act and the Jammu and Kashmir Goods and Services Tax Act.
The bank’s plea underscores that it is a company with corporate headquarters and branches at different places, and its core activities include acceptance of deposits and lending money to borrowers through its network of branches. It argues that the existence of a bank cannot be conceived of in the modern world without its branches, and that the corporate headquarters and branches constitute a single legal entity and are registered as such with the Reserve Bank of India.
The bank has contended that the interest is paid to depositors, whereas interest is charged from borrowers through the branches, and that the difference results in the profit or loss of the branch. It has also argued that the income, profit, and loss of the bank are determined after consolidating the balance sheet of all branches, and that the profit and loss of any particular branch is of no consequence as the bank is seen as a combination of its branches.
J&K Bank facilitates a staggering Rs 13,900 crore in transactions over a 6-day Eid period, a testament to the bank’s impressive efficiency during one of the busiest periods of the year.
The Jammu & Kashmir Bank has achieved a remarkable milestone in digital banking by processing a staggering 9.54 crore transactions worth Rs 13,900 crores in just six days leading up to Eid, without any service interruptions reported across its digital platforms. The bank’s digital infrastructure maintained 100% platform availability, handling triple the normal transaction volumes, with over 22,000 transactions per minute at peak times.
The bank’s mPay Delight+ transactions volume reached 3.07 crore, amounting to Rs 5,383 crores, while its UPI services facilitated 6.07 crore instant payments worth Rs 4,563 crores. The bank’s ATMs, Kiosk Banking, and other digital channels also witnessed a significant increase in transaction volumes.
Local businesses owners praised the bank’s performance, with many noting that the bank’s digital services handled the Eid rush brilliantly without any disruption. A senior JK Bank official emphasized that while the transaction numbers are impressive, “it’s the flawless experience that matters most. Our teams worked tirelessly to ensure that every Eidi transfer, every business payment, and every shopping transaction happens without a hitch.”
The bank’s achievement is a testament to its commitment to digital banking and its ability to handle high transaction volumes during peak seasons. The bank’s digital infrastructure has proven to be robust and reliable, providing a seamless experience for its customers. The bank’s success during Eid is a positive development for the region, showcasing its ability to adapt to increased demand and provide excellent customer service.
Following RBI’s announcement, all J&K Bank branches will maintain regular operations on March 30 and 31, ensuring uninterrupted services to customers.
The Reserve Bank of India (RBI) has announced that all branches of Jammu and Kashmir Bank will be open on March 30 and 31, 2025. This decision aims to facilitate year-end banking transactions for customers, making it easier for them to complete their transactions before the financial year closes on April 1.
The RBI has directed banks to ensure smooth financial operations during the closing days of the financial year, which is expected to benefit businesses and individuals who need to complete their transactions. Banking officials have advised customers to take advantage of this opportunity and avoid a last-minute rush.
Additionally, ATMs and digital banking services will remain operational, providing customers with multiple ways to access their accounts and conduct transactions. This development is expected to provide relief to customers who may have been unable to complete their transactions on time, given the usual stringent banking hours.
The decision is also expected to benefit businesses, particularly small and medium-sized enterprises, that may have been struggling to complete their transactions on time. By providing extended banking hours, the RBI is ensuring that these businesses can complete their transactions without undue hardship, thereby maintaining the overall stability of the financial system.
Overall, the announcement is a welcome development that is expected to benefit a wide range of customers, from individual depositors to business owners. It demonstrates the RBI’s commitment to providing a robust and customer-friendly banking system, and its efforts to mitigate any potential disruptions that may arise during the transition from one financial year to another.
Kashmir Chamber of Commerce and Industry (KCCI) requests the government to extend the special recapitalization plan of Jammu and Kashmir Bank by an additional two months.
The Kashmir Chamber of Commerce and Industry (KCCI) has called on J&K Bank’s Chief Executive Officer/Managing Director, Amitava Chatterjee, to extend the deadline of the bank’s Special One Time Settlement (OTS) Scheme by at least two months beyond the current closing date of March 31, 2025. The scheme, launched on January 1, 2025, allows borrowers to settle outstanding accounts and has received a positive response, but KCCI believes that many businesses still need more time to fully utilize the opportunity.
KCCI has received multiple representations from its members and potential beneficiaries expressing concerns about the current timeline, citing the challenges posed by harsh winter conditions and the ongoing holy month of Ramadhan, which has made it difficult for borrowers to liquidate assets to meet payment requirements. The business sentiment in Kashmir remains subdued, creating a challenging environment for distressed borrowers.
KCCI believes that an extension would help J&K Bank address non-performing assets while supporting broader economic rehabilitation efforts across the region. The Chamber argues that this extension is not only helpful but also essential for many distressed borrowers, who are struggling to recover from previous economic disruptions and mobilize necessary resources. By providing additional time, the bank can support the rehabilitation of these businesses, ultimately contributing to the overall economic growth and development of the region.
J&K Bank launches comprehensive month-long awareness initiative to educate public on consumer rights
To mark World Consumer Rights Day on March 15th, Jammu and Kashmir Bank has launched a month-long awareness campaign to educate its customers about their rights and grievance redressal mechanisms. The initiative is aligned with the Reserve Bank of India’s (RBI) efforts to enhance public awareness about consumer protection and responsible banking. The campaign highlights the key themes of the RBI’s Charter of Customer Rights, including the right to fair treatment, transparency, fair and honest dealing, suitability, privacy, and grievance redressal and compensation. The bank is also emphasizing the importance of timely compensation for financial losses resulting from deficiencies in banking services.
The MD & CEO of Jammu and Kashmir Bank, Amitava Chatterjee, stated that empowering customers with knowledge about their rights is essential for responsible banking. The campaign aims to ensure that customers are well-informed about their rights, enabling them to make prudent and secure financial decisions. The bank is committed to upholding the highest standards of customer service and addressing grievances promptly and fairly.
The campaign is being rolled out through various channels, including television, radio, print media, and social media platforms. The bank is also utilizing its network of business correspondents, financial literacy centers, and signages to disseminate information through interactive sessions. This initiative demonstrates the bank’s dedication to customer-centric banking and its commitment to strengthening its relationship with its valued customers.
Under the orders of the Divisional Commissioner, Kashmir, banks are instructed to extend their support to applicants enrolled in the employment scheme.
The Divisional Commissioner of Kashmir, Vijay Kumar Bidhuri, held a meeting at Sanat Ghar Bemina to review the performance of the Prime Minister’s Employment Generation Programme (PMEGP) and the Jammu and Kashmir Rural Employment Generation Programme (J&K REGP) in Kashmir. The meeting reported that over the past three years, 25,864 units have been established against the target of 7,372 units, with a margin money of Rs 554.19 crore, creating employment opportunities for 2,01,702 people.
The Jammu and Kashmir Khadi and Village Industries Board (J&K KVIB) has sponsored 11,111 cases, exceeding its target of 2,507 units, with a margin money outlay of Rs 122.33 crore, generating employment opportunities for 49,798 people. The Divisional Commissioner praised the dedication and performance of J&K KVIB officers and also felicitated the role of J&K Bank.
However, he emphasized the need for banks to facilitate applicants, reduce the rejection rate, and process cases within the approved 30-day turnaround time. He also advised designated nodal agencies to release subsidy amounts promptly to ensure timely establishment of employment generation units. The meeting aimed to review the performance and identify areas for improvement, with the goal of creating more employment opportunities in the region.
J&K Bank’s mPay Service Experiences Outage, Causing Significant Disruption for Customers
The Jammu and Kashmir Bank’s mobile banking app, mPay, has been experiencing a widespread outage, leaving thousands of customers unable to access their accounts or make digital transactions. This has caused significant inconvenience, especially for those who rely on the app for daily financial needs. Many users have taken to social media to express their frustration, citing recurring technical issues with the bank’s online services.
Businessmen, students, and professionals have been severely impacted, as they were unable to complete urgent transactions. One businessman, Akash Ahmad, was forced to send an urgent payment but was unable to do so due to the outage. Another user, Bashir Ahmad, was left embarrassed when his payment failed at a store. Students, like Aadil Hussain, were unable to pay their exam fees online, causing additional stress and inconvenience.
The outage has raised concerns over Jammu and Kashmir Bank’s digital infrastructure, with many questioning the bank’s preparedness to handle technical glitches. The lack of an official statement from the bank has added to the frustration and concern of customers. The situation is a stark reminder of the importance of having a robust backup plan and infrastructure to prevent such disruptions. As the outage continues, customers can only hope that the bank will resolve the issue soon and take steps to prevent similar instances in the future.