Putting all the speculations about theJ&K Bank’s merger at rest, J&K Bank Chairman and Managing Director R KChhibber today stated, “The recent crisis of Punjab and Maharashtra Cooperative(PMC) Bank in the country has worried bank customers in general but the rumorsof J&K bank’s merger by some vested interests has raised apprehensionsamong our depositors particularly in J&K. Let me put all those speculationsat rest by assuring you that no merger is on the cards and the bank’sfundamentals are very strong.”

In a pressstatement, he further said, “Let me assure all the stakeholders of the bankthat their beloved bank is in safe hands of more than 12000 strong J&K Bankfamily under the supervision and guidance of a professionally strong board ofdirectors with a robust accountability framework in place for transparency andefficiency. The only way to go for the bank is up and above, towards higherlevels of accomplishments.”

Commenting uponthe effect of recent political developments in J&k upon the bank, he said,“We certainly believe that the recent developments that have taken place instate won’t affect the essence of this institution, which is to financiallyserve the people of J&K and catalyze the economic development of thisregion.J&K Bank has witnessed far bigger challenges in the past, and webelieve, as always with the emotional equity of the people, support of J&K Governmentand unmatched commitment of our staff, we shall meet every challenge head-on andcome out stronger and more successful.”

While reiteratingthat J&K Bank has strong fundamentals with all its major financialindicators performing well, the Chairman also asserted that few of the largeloans, made some years ago that have turned Non Performing Assets (NPAs) andare being investigated; have been adequately provided for by the bank and shallhave no impact on the profitability of the bank.

“Let me assureyou that we are here to be with you and lead you towards a more promising andfulfilling economic future”, he said.

Reflecting uponthe long and eventful journey of the bank, the Chairman said, “It has been along, eventful and challenging journey of over eighty years that has shaped upnot only this great institution but the very structure and the substance ofJ&K’s economy. For all this, we acknowledge and admit the instrumental roleof our shareholders and customers whose unwavering trust and cooperation hasbeen the guiding light for us during eight decades of our existence.”

Expressing hisgratitude for the bank’s main stakeholders, Chairman said, “In particular weappreciate the unflinching support of our main stakeholders i.e.the J&KGovernment, the Board of Directors, and employees at large. J&K Governmenthas always come forward to support the bank in all spheres and have alreadyraised their stake to 59 pc in thebank by providing capital of Rs 532 Crforbusiness growth and regulatory requirement. Thegovernment has also indicated toextend additional capital support in near future to meet our Basel III capitalrequirements.”

Notably, theveryreason for the establishment of Jammu & Kashmir Bank by its founders in 1938 has been to empower the people ofthe state financially so that an era of development could be ushered in.Today wesee that vision transformed into reality as J&K Bankleads from the frontwith market share of more than 65 pc, morethan 12 million account holders fromtwo million households and a totalbusiness around 1.65 lac Cr.