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Latest News on Jammu & Kashmir Bank
The reworded version would be:Jammu and Kashmir Bank bags top honours at MSME Banking Excellence Awards.
Jammu and Kashmir Bank (J&K Bank) has received two prestigious awards at the MSME Banking Excellence Awards-2024 for its outstanding leadership in MSME awareness and empowerment initiatives. The bank was recognized as the “Best Bank for Creating Awareness among MSMEs (Private Sector)” and won the runner-up position in “Best MSME Bank (Private Sector)”. The awards were presented at a high-profile event in New Delhi, where Union Minister of State (Finance) Pankaj Chaudhary presented the awards to J&K Bank’s Divisional Head Rajesh Gupta and Zonal Head Suresh Kumar Chowdhary.
The bank’s Managing Director and CEO, Amitava Chatterjee, expressed his gratitude for the recognition, saying that it reinforces the bank’s commitment to fostering financial awareness and supporting the growth of MSMEs, which are the backbone of the country’s economy. Chatterjee emphasized that the bank will continue to strengthen its MSME-focused initiatives to empower businesses and entrepreneurs across the country and enhance its services to address the unique challenges they face.
J&K Bank has a long history of enabling MSME growth through its specialized financial solutions and awareness programs, contributing significantly to the economic upliftment of people and job creation in its core operational geographies. The bank’s commitment to MSMEs is evident in its dedicated efforts to raise awareness, provide accessible banking solutions, and deepened engagement with the MSMEs. The recognition received is a testament to the bank’s continued support for the growth and development of the MSME sector.
J&K Bank resonates hope by providing free hearing aids and speech therapy to those in need.
Jammu and Kashmir Bank has launched a campaign to support individuals with hearing and speech impairments in Jammu, Kashmir, and Ladakh. The campaign is funded under the bank’s Corporate Social Responsibility (CSR) initiative and is being implemented by the Voluntary Medicare Society (VMS), a non-profit organization dedicated to healthcare and rehabilitation. The campaign aims to provide assistive devices and therapy to individuals with hearing and speech disabilities, enhancing their healthcare access and empowering them socially and economically.
The campaign was inaugurated by Jammu and Kashmir Bank’s General Manager (S&IT/CSR) Imtiyaz Ahmad Bhat, who also handed over the keys of a mobility van to the Chairman of VMS, Dr. Mir Mohammad Maqbool. The mobility van was procured by the bank to enhance outreach and expand the campaign’s impact.
In his speech, General Manager Imtiyaz Ahmad Bhat emphasized the bank’s commitment to nurturing an equitable and inclusive society by supporting those in need. He stated that the campaign is not only enhancing healthcare access but also empowering individuals with hearing and speech disabilities socially and economically. The bank’s mission is to contribute to the welfare of the people it serves and to be a socially responsible institution dedicated to positive societal transformation.
The campaign is a significant step towards creating a more inclusive society and demonstrates the bank’s commitment to social responsibility. It is expected to have a positive impact on the lives of individuals with hearing and speech impairments, enabling them to access healthcare services and participate more fully in society.
Joint Administrator’s Office Issues Stern Warning to Banks, Urges Faster Financing for FPOs
The Jammu and Kashmir administration has urged banks to accelerate credit disbursement to Farmer Producer Organisations (FPOs) to support the agricultural sector. The directive comes as a response to concerns over the slow pace of financing, which has left many FPOs struggling to access the necessary resources for growth and sustainability. According to a report, out of 248 active FPOs, only five have received funding from banks, primarily from J&K Bank. The Chief Secretary, Atal Duloo, expressed dissatisfaction with the current progress, highlighting that the financing of just five FPOs, amounting to Rs 82 lakh, falls short of expectations.
FPOs play a crucial role in enhancing the livelihoods of small farmers by providing services such as market access, technical assistance, and input supply. With the Indian government aiming to form 10,000 new FPOs by 2027-28, a robust financial backbone is essential. To address the financing gap, the administration has outlined a strategy, including joint meetings between banks and FPOs for training and support, prioritizing credit for well-performing organizations, and ensuring timely financing to meet growing demands.
The administration’s efforts aim to bolster support for FPOs, which are critical for the agricultural sector. The sluggish financing pace has raised concerns about the potential impact on local farmers who rely on these organizations for critical support. By expediting credit disbursement, banks can help FPOs grow and become more sustainable, ultimately benefiting small farmers and the agricultural sector as a whole.
Stock Market Updates of Jammu & Kashmir Bank
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Ex-J&K Bank employee apprehended in massive loan fraud case in Jammu, worth crores.
The Crime Branch of the Jammu and Kashmir police has arrested Rohit Taroch, a former employee of the BC Road branch of Jammu and Kashmir Bank, in connection with a multi-crore loan scam. The scam, worth Rs 1.44 crore, was unearthed in 2018-2019 and involved 14 borrowers who were allegedly employed by military units, but were not actually employed. The borrowers submitted fake documents, including salary certificates, to secure personal consumption loans (PCL) under the bank’s Sahulat and Saral scheme for government employees.
The investigation revealed that the accused, Rohit Taroch, was responsible for sanctioning and disbursing the loans, despite knowing that the documents were fake. The scam resulted in a loss of Rs 144.53 lakh to the bank. Taroch was arrested on Friday, just hours after his bail application was denied by the court. The investigation into the case is ongoing, with Senior Superintendent of Police (Crime), Jammu, Benam Tosh, confirming the arrest.
The police investigation was triggered by a written complaint from the then branch manager of the bank to the Crime Branch. The bank had terminated Taroch’s services following the discovery of the scam. The arrest of the main accused is a significant step in bringing those responsible for the scam to justice and recovering the losses suffered by the bank.
Swift processing of insurance claims brings solace to the families of J&K Bank account holders
The Jammu and Kashmir Bank (J&K Bank) has facilitated the quick settlement of insurance claims for 48 families in the Srinagar Zone, providing a significant relief to bereaved families. The MetLoan & Life Suraksha (MLLS) product, a joint initiative with PNB MetLife, has disbursed insurance claims worth Rs 1.53 Crore, easing the financial burden on the families.
The symbolic cheque representing the disbursed amount was presented by the Zonal Head, Raja Zaffer Khan, and Associate Director and Head of PNB MetLife, Irfan Ali Zargar, in the presence of senior officials from the bank and PNB MetLife. The event was also attended by branch heads, advances managers, and other senior representatives.
The claimants expressed gratitude for the bank’s timely support, stating that the prompt settlement of claims had relieved them of a significant financial burden. Raja Zaffer Khan emphasized the importance of insuring loans to secure the financial future of families and urged branches to settle claims swiftly in case of the borrower’s death.
Irfan Ali Zargar also advised customers to consider loan insurance for peace of mind, as it can provide much-needed financial support to bereaved families, relieving them from the burden of liabilities in unforeseen circumstances. The event marked a significant milestone in the bank’s commitment to customer-centric products and services, demonstrating its dedication to reducing the financial burden on families during difficult times.
J&K Bank conducts awareness workshop on high-density plantation scheme at GDC Pulwama.
The Jammu and Kashmir Bank organized a day-long awareness camp on the High Density Apple Plantation (HDP) scheme at the Govt. Degree College in Pulwama, aimed at promoting advanced agricultural practices in the region. The camp brought together various stakeholders, including farmers, horticulture experts, and representatives from the bank and local administration. The event saw enthusiastic engagement from branch heads, local growers, and private enterprise representatives, reflecting a collaborative effort to drive sustainable agricultural growth.
The Additional Deputy Commissioner of Pulwama, S M Ashraf, praised the bank’s initiative, saying that the High Density farming is being implemented on a mission mode in the district, making it the top district in the valley. The Divisional Head of Jammu and Kashmir Bank, Shabir Ahmad, emphasized the bank’s commitment to driving rural prosperity by facilitating high-density plantation, enabling farmers to maximize their yield potential and profit while enhancing agricultural productivity and long-term economic sustainability.
The camp also highlighted the scheme’s farmer-friendly features, including collateral-free loans of up to 5 lakhs, highly competitive interest rates, and easy access to credit for small and marginal farmers. The Zonal Head, Shaista Khan, urged farmers to avail the benefits of the scheme by visiting their nearest Jammu and Kashmir Bank branch to enhance their agricultural income. Several progressive farmers received on-the-spot sanction letters for High-Density Plantation loans, reinforcing the bank’s commitment to timely financial assistance for agricultural development. Overall, the event aimed to promote modern agricultural practices, increase farmers’ income, and contribute to rural prosperity in the region.
A sum of Rs 19 lakh was stolen from the J&K Bank branch in Kishtwar, with robbers making off with the loot.
A significant amount of money was stolen from a bank branch in the Dachan area of Kishtwar district, according to officials. On Monday, unknown individuals took approximately 19,50,000 rupees from the Jammu and Kashmir Bank branch, which is typically cut off from the rest of the region due to the harsh winter weather. The branch is located in the Dachan area of Kishtwar district.
The officials have initiated an investigation to identify the thieves and are analyzing the CCTV footage to gather more information. The officials are working to uncover the details of the heist and apprehend the culprits.
It’s worth noting that the bank branch in question is often inaccessible during the winter season due to the harsh weather conditions, making it harder to get to the area. This means that the thieves had a more significant advantage in carrying out the heist.
The police are working to catch the thieves and recover the stolen money. The investigation is ongoing, and officials are reviewing the CCTV footage to identify the suspects.
The incident highlights the importance of following security protocols and maintaining a high level of vigilance, especially in areas that are more vulnerable to crime due to their geographical location. The authorities are working hard to ensure that the perpetrators are brought to justice and the stolen money is recovered.
It is also worth noting that the incident is a setback for the people of the region, who had been relying on the bank for their financial needs. The theft has caused significant inconvenience to the people, and the authorities are working to ensure that the situation is resolved as soon as possible.
In conclusion, the theft of 19,50,000 rupees from the Jammu and Kashmir Bank branch in Dachan, Kishtwar is a significant incident that is being investigated by the authorities. The police are working to identify the thieves and recover the stolen money, and the incident highlights the importance of maintaining high levels of security and vigilance, especially in areas that are more vulnerable to crime.
J&K Bank bids a warm farewell to its General Manager & DGM in a memorable ceremony – Rising Kashmir
Srinagar, February 1: Jammu and Kashmir Bank bid farewell to General Manager Tabassum Nazir and Deputy General Manager Vinod Kumar Sharma, marking the end of their distinguished careers. Tabassum Nazir served the bank for over 35 years in various key positions, while Vinod Kumar Sharma retired after serving for over three decades.
A farewell function was held at the bank’s Corporate Headquarters, attended by top officials, where the bank’s Managing Director and CEO, Amitava Chatterjee, praised Tabassum Nazir’s contributions to the bank’s growth and success. She was commended for setting a high benchmark for younger staff, especially women officers. Tabassum herself thanked the bank’s leadership and colleagues for their support throughout her career, cherishing the memories she made.
Vinod Kumar Sharma, on the other hand, was given a warm send-off at the bank’s Jammu Divisional Office, where his colleagues and superiors acknowledged his long-standing contributions to the institution. Executive Director Sudhir Gupta praised Vinod’s commitment and professionalism over the years, wishing him a happy, healthy, and fulfilling post-retirement life.
During the farewell meets, both Tabassum and Vinod were lauded for their dedication and commitment to the bank, with their colleagues and superiors expressing gratitude for their service and wishing them the best in their future endeavors. The farewell functions marked the end of an era for the two senior officials, but they will be remembered for their significant contributions to the bank’s growth and success.
J&K Bank commits to abandoning ‘name and shame’ approach to empower MSMEs and aid their recovery.
The Federation of Chambers of Industries Kashmir (FCIK) has announced that Jammu and Kashmir Bank’s Managing Director and CEO, Amitava Chatterjee, has promised to end the bank’s controversial “Name and Shame” policy and other practices that have caused distress to borrowers, particularly Micro, Small, and Medium Enterprises (MSMEs) in the region. The policy involved publicly shaming borrowers struggling with loan repayments by publishing notices and advertisements in newspapers, which has damaged the reputations of businesses and individuals.
FCIK has long criticized this approach, arguing that it disproportionately affects MSMEs, which are already under financial strain due to external factors. The federation has advocated for a more constructive approach, calling for the bank to adhere to government-mandated revival and restructuring mechanisms. Chatterjee has assured that the bank will discontinue the use of SARFAESI notices and e-auction advertisements for public shaming, especially for MSMEs, and will prioritize open dialogue with struggling MSMEs, offering viable restructuring and repayment options.
FCIK has welcomed this shift in the bank’s approach, commending Chatterjee for his cooperative stance on debt resolution. The federation has stressed that Jammu and Kashmir Bank should prioritize the revival of businesses over liquidation, giving MSMEs a fair chance to rebuild and avoid forced closures. The bank has also agreed to adopt a more inclusive and structured approach to resolving the growing NPA crisis, and FCIK has presented a charter of demands outlining key measures to address the unique needs of the region’s entrepreneurs.
This decision marks a crucial turning point in the bank’s approach to MSME borrowers, fostering financial stability and reinforcing principles of rehabilitation and financial inclusion. FCIK is optimistic that under Chatterjee’s leadership, Jammu and Kashmir Bank will proactively work with stakeholders to resolve the NPA issue and support the continued growth of MSMEs in Jammu and Kashmir.
KCCI demands J&K Bank revamp OTS Scheme, address staffing and interest rate concerns.
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The Kashmir Chamber of Commerce and Industry (KCCI) has urged Jammu and Kashmir Bank to revamp its One Time Settlement (OTS) Scheme, address staffing concerns, and review interest rates. The KCCI made these demands in a meeting with the bank’s management, highlighting the need for a more effective OTS scheme to help revive the state’s struggling economy.
The KCCI noted that the current OTS scheme has several loopholes, which are discouraging borrowers from opting for the scheme. The scheme, which was introduced to help borrowers settle their outstanding loans, has been marred by bureaucratic delays, inadequate documentation, and lack of transparency. The KCCI demanded that the bank simplify the OTS process, reduce the documentation requirements, and provide clear guidelines to borrowers.
The KCCI also expressed concerns over the bank’s staffing issues, stating that inadequate staff strength and lack of motivation among employees are affecting the bank’s performance. The KCCI urged the bank to recruit more staff, provide training to existing employees, and introduce incentives to boost morale and productivity.
The KCCI also demanded that the bank review its interest rates, which are reportedly high compared to other banks. The KCCI argued that high interest rates are discouraging entrepreneurship and making it difficult for small and medium enterprises (SMEs) to access credit. The KCCI urged the bank to reduce its interest rates to make them more competitive and attract more customers.
The KCCI also emphasized the need for the bank to strengthen its online presence and introduce digital banking services to improve customer convenience and reduce waiting times. The KCCI suggested that the bank introduce mobile banking apps, online loan applications, and digital payment systems to enhance customer experience.
Overall, the KCCI meeting with Jammu and Kashmir Bank’s management highlighted the need for the bank to revamp its OTS scheme, address staffing concerns, and review interest rates to improve its performance and customer satisfaction.
A speedy resolution of insurance claims brings comfort to the loved ones of J&K Bank customers, as reported by Rising Kashmir.
The Jammu and Kashmir Bank has facilitated the swift settlement of insurance claims under its MetLoan & Life Suraksha (MLLS) product for deceased borrowers in its Mumbai Zone, providing a major relief to bereaved families. The Bank has paid out insurance claims totaling Rs 80 Lakhs to five families, alleviating their financial burden during difficult times. The payment was made possible through a partnership between the Bank and its insurance partner, PNB MetLife.
The event, held at the Bank’s Mumbai Zonal Office, was attended by senior officials from the Bank and PNB MetLife, including General Manager Rajesh Gupta, Zonal Head Irfan Anjum, and Associate Director Irfan Ali Zargar. The claimants, who were present at the event, expressed their gratitude for the quick redressal and praised the Bank and PNB MetLife for their timely support.
Rajesh Gupta, Divisional Head (ROI), emphasized the importance of insuring loans to secure the financial future of families. He noted that the Bank and its partners are committed to providing timely and customer-centric products and services to safeguard the interests of customers. Irfan Anjum, Zonal Head (Mumbai), added that insuring loans with products like MLLS can significantly reduce the financial burden on families during difficult times, thanks to a single premium option and bank funding available.
The event highlights the Bank’s efforts to support its customers during challenging times and its commitment to providing comprehensive products and services that cater to their needs. The successful settlement of insurance claims will provide a sense of relief and security to the affected families, allowing them to focus on rebuilding their lives after a loss.
A decade later, the residents of Zafran Colony are still yearning for the revival of J&K bank’s ATM services – Rising Kashmir
Residents of Zafran Colony in Srinagar’s Pantha Chowk area have been demanding the installation of an ATM facility for over a decade. Despite repeated appeals to authorities, including the Jammu and Kashmir Bank Ltd, the area remains devoid of an ATM, causing frustration among the locals. The residents say they have to travel up to 6 kilometers to Pantha Chowk to withdraw money, which is a significant inconvenience.
Fayaz Ahmed Mir, a resident of the colony, expressed his discontent, stating that the demand has been ignored by the authorities. He appealed to the newly appointed Chairman of Jammu and Kashmir Bank Ltd to look into the demand and address it forthwith. Haji Farooq Ahmed, another resident, echoed similar views, saying that the absence of an ATM facility is causing huge inconvenience to the residents, including children who have to travel to other areas for cash withdrawals.
Adil Rashid, a resident, urged the newly appointed Chairman of Jammu and Kashmir Bank Ltd to prioritize the installation of an ATM in Zafran Colony, considering it a basic necessity. Many women also echoed similar views, appealing to the authorities to install an ATM in the colony for the larger interest of the general public.
The residents are hopeful that with a new government in place and a new Chairman at the helm of Jammu and Kashmir Bank Ltd, their demand will be fulfilled. They have also appealed to the MLA of Lal Chowk assembly constituency, Ahsan Pardesi, to take up the issue with the concerned officials of Jammu and Kashmir Bank Ltd and ensure that an ATM is installed in the colony.
Jammu and Kashmir Bank faces scrutiny from the Securities and Exchange Board of India (Sebi) for failing to promptly disclose the appointment of its managing director.
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The Securities and Exchange Board of India (Sebi) has issued a warning to Jammu and Kashmir Bank for delaying the disclosure of the appointment of its Managing Director (MD). According to Sebi’s regulations, listed companies are required to disclose the appointment of key managerial personnel, including the MD, within 7 days of the appointment. However, J&K Bank failed to disclose the appointment of its MD, R.K. Chibber, within the stipulated time frame.
Sebi took cognizance of the delay and issued a warning to the bank, citing non-compliance with the listing agreement and Sebi’s regulations. The regulator has asked the bank to provide a detailed explanation for the delay and to take necessary steps to ensure timely disclosure of such information in future.
The warning from Sebi is significant, as it highlights the importance of timely disclosure of material information by listed companies. Sebi’s regulations are designed to ensure transparency and fairness in the market, and listed companies are expected to comply with these regulations to maintain market integrity.
The delay in disclosure of the MD’s appointment has raised concerns about the bank’s governance and risk management practices. The appointment of a new MD is a significant event that can impact the bank’s strategy, operations, and financial performance. Timely disclosure of such information is essential for investors and other stakeholders to make informed decisions.
Sebi’s warning to J&K Bank is a reminder to all listed companies to adhere to the regulations and disclose material information in a timely and accurate manner. The regulator will continue to monitor the bank’s compliance with the regulations and take further action if necessary.
In conclusion, Sebi’s warning to J&K Bank for delayed disclosure of the MD’s appointment is a significant development that highlights the importance of timely disclosure of material information by listed companies. The regulator’s action is a reminder to all listed companies to adhere to the regulations and ensure transparency and fairness in the market.