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Hello Jammu News at 10:49:00 PM 0



Srinagar, Jun 15   :  The Jammu and Kashmir Bank will now come under the purview of Right to Information Act and Central Vigilance Commission (CVC) guidelines, an official spokesman said Saturday.


He said the decision was taken by the Board of Directors of the Jammu and Kashmir Bank.

The move will ensure greater transparency and accountability, the spokesman said here.

"J&K Bank Board of Directors today (Saturday) decided to bring the bank under the purview of CVC guidelines & J&K RTI Act-2009 to ensure greater transparency & accountability," he said. 

On June 11, Chief Secretary B V R Subrahmanyam had said the bank has no choice but to be under RTI as it is a government-owned bank.

"It is registered under the companies act as a government company. By the end of June, the bank will be brought under the RTI and CVC guidelines," he said. 

The decision comes days after Parvez Ahmed was removed as the Chairman of the J&K Bank for alleged corruption, nepotism and favouritism.                              [Agencies]
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Hello Jammu News at 10:00:00 PM 0



Srinagar, Jun 12 :  Defending the sacking of Jammu and Kashmir Bank chairman Parvez Ahmad, the state government said on Wednesday that it would protect the institution and work towards making it an internationally renowned bank.


"I am saying this with full authority of the Governor (Satya Pal Malik) that the bank will be protected, it will be made a shining bank. It will be run by people of Jammu and Kashmir. We are interested that it becomes an internationally renowned bank. It should get branches all over the world -- London, Singapore, Dubai, etc.," Chief Secretary BVR Subrahmanyam told reporters here.

He was responding to questions about the sacking of Ahmad by the government last week.

"Please wait for three months and you will see results flowing out of J-K Bank," he said.

The chief secretary said the government did not act against the bank.

"The RBI gave us a letter saying that we are extremely concerned about governance issues in JK Bank. These issues have been pending in spite of repeated requests of RBI and therefore we were forced to remove the CMD," he said.

Subrahmanyam said an interim chairman and managing director (CMD) from the hierarchy of the bank has been appointed and a full-time chairman and managing director will be finalised by a search committee which will be formed soon.

"The JK Bank is the shining crown of this state. Therefore, it is important that this bank regains its glory. You have heard about the ACB raids. There were some old complaints about irregularities and appointments. It is not about the appointments that Governor talked about. They were boys and girls who qualified an exam and were in waiting list. They were then appointed," he said.

The chief secretary said the bank has a registry and it was known to all on whose recommendations people were being appointed in the bank.

"There are written papers which say bring a recommendation and you will get the job. It was called CSR.

"How can you appoint people under CSR in a bank? It can be done in a government. A bank is not fundamentally an employment agency. A bank is first and foremost a bank. A bank is the custodian of people's money and government money. Primary responsibility of the bank is to take care of the money. It is not a charitable institution, it is a misnomer. That is the fundamental objective from which the (JK) bank had moved away," he said.

Subrahmanyam said the bank was splurging money under CSR on golf courses while the state government had to give a capital subsidy to it only last year.

"JK Bank has spent Rs 50 crore under CSR on golf courses. My government gave it (JK Bank) Rs 500 crore last year as capital subsidy. A bank which requires government money to remain operational, does it have business to spend Rs 50 crore on golf courses where less than a 1,000 people play. That is an elite sport. It is unacceptable for a bank. If the bank had a Rs 2,000 crore profit, no question. It is living on government money," he added.

On bringing the bank under the Right to Information (RTI) Act, he said the bank has no choice but to be under RTI as it is a government-owned bank.

"It is registered under the Companies Act as a government company. By the end of June, the bank will be brought under RTI and CVC guidelines," he added.                         [Agencies]
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Hello Jammu News at 1:55:00 PM 0



Srinagar/New Delhi, Jun 11  :   Within days of anti-corruption bureau action against J&K Bank, the Income-Tax Department Tuesday initiated probe into the alleged irregularities and conducted searches at 10 premises on a business firm of a senior Srinagar municipal corporation functionary, officials said.


Tax sleuths raided eight premises in Jammu and Kashmir's summer capital Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran, the deputy mayor of the corporation. 

In the Kashmir Valley, the searches are being conducted in the Bohri Kadal area of downtown Srinagar and seven other nearby locations, they said. 

The action is linked to the recently unearthed alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB), they said. 

They alleged that the Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the J-K Bank were declared non-performing assets for dues of over about Rs 120 crore.

The I-T Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents, the officials said.

The action comes in the backdrop bank's chairman Parvez Ahmed being removed after charges of alleged involvement in corruption, nepotism and favouritism were reported against him. 

Referring to the ACB proceedings against Ahmed, a government official earlier this week on the condition of anonymity that investigation into alleged backdoor appointments, "irregularities, loot and plunder" is intended to cleanse the system at the bank.

The state government holds 59 per cent stake in the J&K Bank.

After his removal, Ahmed in a Twitter post said he has absolutely no regret over his work and that he did his job "most diligently, honestly and in the best interest of the institution".

Loans worth hundreds of crores were allegedly allotted without formalities in "brazen violation" of Standard Operating Procedures or guidelines to select recommendees of two politicians, the official had said.                                                  [Agencies]
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Hello Jammu News at 8:04:00 PM 0

Jammu, June, 30: The 9th workshop of National Mission for Capacity Building of Bankers for financing MSME sector (NAMCABS) was organized by RBI, Jammu in Hotel Lemon Tree, Jammu   on June 28 and 29, 2018. The workshop was inaugurated by Shri A. K. Mattu, General Manager and Officer- Incharge, RBI, Jammu & Kashmir. Around 26 participants from various banks functioning in the State participated in the workshop. In his inaugural address, Mr Mattu highlighted the importance of MSME sector, their contribution in GDP, country's exports, providers of employment and the important role that was required to be played by banks. He also impressed upon the need to make concerted efforts and commitment from banking fraternity to encourage development of the sector.  He explained to the bank officials as to howlending to MSMEs was a win-win situation for the banks as well, as sound business opportunities. He also briefed about the availability of various schemes and facilities like CGTMSE, provision of additional support in case a unit was under difficulty including hand holding, availability of certified credit counsellors availability of TReDs platform for immediate encashment of receivables of MSMEs, etc. Shri Satish Sharma, AGM, RBI in his welcome address, highlighted the significance of holding this workshop, which was to hone skills of officers/ branch managers of the banks to understand and aid lending to MSMEs and wherever necessary hand-hold the entrepreneurs. He stated that the MSMEs sector was important pillar of economic development and employment for the State and therefore banks must come forward and augment lending to the sector.
The training sessions focused on the entrepreneurial sensitivity, soft skills required to handle the first generation entrepreneurs as well as existing MSME borrowers, timely and adequate funding to the MSME customers and prompt rehabilitation measures to revive viable MSME units, etc. Experts faculty from RBI and J&K Bank took various sessions.Shri Manik Gupta, Assistant Director (ZED), Quality Council of India, Ministry of Commerce & Industry, GOI also tooka sessionon the Government’s initiative on Zero Defect Zero Effect (ZED) for manufacturing MSMEs. Shri PradeepVaid, General Secretary and Shri Bansi Lal Gupta, Senior Vice President from Association of Industries, Jammu also interacted with the participants. The programme was well received and appreciated by all the participants.
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Hello Jammu News at 8:03:00 PM 0


JAMMU, APRIL 9: Minister for Finance, Education, Labour and Employment today launched a special financing scheme of Jammu and Kashmir Bank designed to help the state industry to cope with the delay in reimbursement of GST under special tax relief. 
The scheme named ‘Financing GST add on working capital for J&K Industry’ was launched by Syed Mohammad Altaf Bukhari in the presence of Minister for Industry and commerce, Chander Prakash Ganga and senior government and J&K Bank functionaries.
 Altaf Bukhari welcomed the initiative of J&K bank adding that the scheme would provide an effective handholding to the industry to maintain its working capital and lessen the burden of GST. He said development of industry is critical for generating employment in the state and the new scheme would facilitate to achieve the desirable growth rate.
Pertinently, Jammu and Kashmir government has cleared a plan to reimburse the entire state goods and services tax (SGST) and 42% of central GST (CGST) to manufacturers who had enjoyed excise duty relief in the earlier indirect regime.
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Hello Jammu News at 4:18:00 PM 0



Srinagar, Mar 12: Unidentified armed men looted Rs 6 lakh from a J&K bank manager in Shopian district on Monday.
A police official told that a J&K bank manager, who was on way from Kulgam to his branch at Kapran in Shopian, was stopped at cross view by unidentified armed men. “The manager was physically assaulted by the armed men before they took away Rs 6 lakh and fled the spot,” he said.
“Security forces have been rushed to the area and a search operation has been launched to nab the accused,” he added. UNI
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Hello Jammu News at 10:32:00 PM 0

Parvez announces reduction in interest rate to 11.90%, donation to welfare fund of the club 


Jammu, Dec 23: J&K Bank Chairman & CEO Parvez Ahmed was today felicitated by the Press Club of Jammu (PCJ) at an impressive function held here at the Club. The Chairman, on the occasion, rolled out “J&K Bank Sahafat Finance Scheme” for journalists and others working in various media organisations in presence of Bank’s Executive Presidents Vagesh Chander, S S Sehgal, President Press Club Ashwani Kumar, Vice President PCJ Abhimanyu Sharma, Secretary Finance PCJ Dinesh Manhotra and senior management of the bank, senior journalists and personnel working with different newspapers, channels and other media-outlets.
The PCJ management headed by its President Ashwani Kumar presented a memento and a shawl to the chairman Parvez Ahmed. Besides, the chairman was presented honorary membership of the club on the occasion.
While addressing the club members and media personnel, Chairman Parvez Ahmed appreciated their role in maintaining the credibility of institution of Journalism while working in difficult conditions. He made certain significant announcements on the occasion, which include  a reduction in Rate of Interest by 30 basis points for the Sahafat scheme, a donation of Rs. 5.00 lacs to the Welfare Fund of Journalists of the club and adoption of Press Conference Hall of the club in the memory of late Ashok Sodhi for renovation and upgradation. The chairman also announced installation of automated teller machine (ATM) and cash deposit machine (CDM) in the precincts of the club.
“On the insistence of media community, we have decided to reduce the rate of interest of this scheme by 30 basis points which now stands at 11.90 percent,” the chairman said.
The chairman further said, “It is a matter of pride and gives me immense pleasure to roll out this tailor-made scheme for the journalist community at this venue which was started by the stalwarts of journalism in our state. We both share the common legacy of serving to empower the people. The Bank appreciates the role of media in highlighting the important issues of local and national importance. The launch of this product is an effort which signifies our recognition of media as a viable economic sector, represented by very passionate and talented people. To name a few, people like Sham Koul, Ved Bhasin, Kamal Romitra, M L Kak, O N Koul, Ashok Handoo, Ashwani Kumar and Ashok Sodhi have played an exemplary role in the field of journalism”.
Expressing his gratitude for felicitation by Jammu Press Club, Chairman said, “I am deeply humbled by this gesture and I dedicate this felicitation to the hardworking, honest media fraternity who have always performed their duties with utmost professionalism while keeping in mind the journalistic ethics. And as the premier financial institution of this state, it is our duty to come out with specific, professional schemes like Sahafat Finance which will be helpful in meeting their immediate personal as well as professional financial needs,” he said.
Chairman also thanked the media fraternity for supporting J&K Bank during tough times and providing with the feedback from people, to improve its delivery of services. He asked for consistent support from the fraternity in the bank’s journey towards greater heights of success and excellence.  
Earlier, in his welcome address, President Press Club Jammu, Ashwani Kumar apprised the audience about the role of the only Press Club in the state.
“Jammu Press Club is one of the oldest, self-sustaining Press Clubs working in north India. Started by few people, it now has the membership of 800 associate and corporate members. Facilities like Journalist Welfare Fund has been adopted under which Rs. 50 Thousand are provided to the members to meet any untoward expenses and in case of death, a sum of Rs. 1.00 lac is provided to member instantly,” he said.
He praised the bank’s role in formulating specific retail banking products and tailor-made credit facilities to different sections of the society.
Vice-president Rakesh Gandotra (S&BD) gave a comprehensive account of the scheme that has been uniquely tailored for the media persons.  
The purpose of the unique scheme is to provide easy and hassle-free finance to media persons for personal and professional needs on urgent basis. The maximum credit of Rs 3 lacs repayable in 60 EMI’s shall be provided in form of term loan for purchase of cameras, tablets, laptops etc and revolving cash-credit facility to meet routine money needs. With minimum rate of interest, the scheme also offers an insurance cover of Rs 4 Lacs against an annual premium of Rs 342 to be borne by the borrower.
Pertinently the scheme was first unveiled at a function at Corporate Headquarters Srinagar earlier this month.
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Hello Jammu News at 8:02:00 PM 0


          SRINAGAR, SEPTEMBER 05- A meeting of the Committee on Public Undertaking (PUC) of Jammu and Kashmir, Legislative Assembly was held here today under the chairmanship of MLA, Sat Paul Sharma to discuss the Audit Paras of JK Bank Ltd.
          The Committee examined the CAGs Audit Paras pertaining to the Jammu and Kashmir Bank, (Finance Department) regarding doubtful recovery of loans from the firms/ defaulters inside and outside the state.
          Legislators, Raja Manzoor Ahmed, Ajatshatru Singh, Vikram Randhawa, Rajiv Sharma, Abdul Majid Larmi and Mohammad Khalil Band attended the meeting and  gave their valuable suggestions for early settlement of the paras.
          The Committee directed the Chairman Jammu and Kashmir Bank to take all necessary steps to increase Credit Deposit Ratio (CDR) of the Jammu and Kashmir Bank and Non-Performing Assets (NPA) should be reduced for the welfare of the Bank.
          Chairman, J&K Bank, Parvez Ahmed briefed the Committee about the action taken given by the JK Bank on the observation of the CAG in its report pertaining to the JK Bank, besides present status of recovery procedure, and present status of bad loans.
          The Chairman also informed about the action and remedial measure taken by the JK Bank for the recovery of loan and other losses from the borrowers, besides the bank has also initiated inquiry and action against the violators and bank employees in dereliction of their duties.
The Deputy Accountant General, Tsering Tharchin also briefed about the observation made by the CAG in its audit paras   and gave their suggestions regarding the early settlement of paras.     
The Committee directed the Bank authorities to submit present status report on audit paras before the next meeting.
          The Committee dropped some audit paras after given satisfactory reply by the JK Bank authorities. The Committee also directed bank authorities to tie-up the matter of early settlement of the pending audit paras with the concerned departments and recovering the entire pending amounts from the defaulters.  
          The Members of the Committee stressed that football team of the JK Bank should be active and should take part in the state and national level sports events.

         Secretary, Legislative Assembly, M R Singh, President, Executive President and Vice President, JK Bank, Deputy Secretary, Finance Department and Senior Officer of Legislative Assembly were present in the meeting.
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Hello Jammu News at 11:57:00 AM 0


Srinagar, Aug 26 : A group of miscreants made unsuccessful attempt to loot Automated Teller Machine (ATM) on the city outskirts during the intervening night of August 25 and 26, official sources said today. They said miscreants tried to break open the ATM of Jammu and Kahmir Bank (JKB) at Umar-Hair, Bachpora on the city outskirts. However, residents in the nearby area immediately raised an alarm, the sources said, adding that later the miscreants managed to escape under the cover of darkness. Police has registered a case and started investigation, they said. UNI 


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Hello Jammu News at 6:38:00 PM 0



SRINAGAR, AUGUST 22: A meeting of the Committee on Public Undertakings (PUC) of Jammu and Kashmir Legislative Assembly was held here today under the Chairmanship of MLA, Sat Paul Sharma to discuss the Audit Paras of Jammu and Kashmir Bank Limited.

The Committee examined the CAGs Audit Paras report pertaining to the Finance Department (Jammu and Kashmir Bank Limited) regarding doubtful recovery of loans, lack of due diligence in verification of genuineness of security before release of loans and credit facilities resulted in recovery of Rs 3.22 crore being rendered doubtful.

Legislators, Mohammad Khalil Bandh, Abdul Majid Larmi, Rajesh Gupta, Rajeev Sharma, Raja Manzoor Ahmed and Vikram Randhawa attended the meeting and gave their suggestions regarding the functioning of Jammu and Kashmir Bank.

The Chairman, Jammu and Kashmir Bank, Parvez Ahmed briefed the Committee about the action taken by the JK Bank on the observations made by the CAG in his report pertaining to the JK Bank. He also assured to take all steps to early settle the audit paras pertaining to the JK Bank.

He assured the Committee that the Bank authorities took consideration seriously on the observations of CAG and the issues raised by the members regarding the functioning of the JK Bank besides Audit paras.

The Committee directed the Chairman Jammu and Kashmir Bank to provide full details in the next meeting along with pending reply of Audit paras belonging to the JK Bank and furnish the same to the members of the Committee well before the next meeting.

Among others, Executive President JK Bank, Vagish Chander, President JK Bank, PK Tickoo, Additional Secretary Finance Department, Mohammad Shahid Saleem, Deputy Secretary, Legislative Assembly Ghulam Mohi-ud-Din Bhat besides senior officers of concerned departments and Assembly Secretariat were also present on the occasion.
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Hello Jammu News at 7:42:00 PM 0

        SRINAGAR, JUNE 7: The Cabinet meeting chaired by Chief Minister, Mehbooba Mufti today accorded sanction to the transfer of land on lease basis, measuring 50 kanals available with Government Joinery Mills, Pampore to the Jammu & Kashmir Bank Limited @ Rs.45 lakh per kanal for development of a Mega Currency Chest and establishment of Staff Training College, keeping in view the provisions of the relevant law.

        The Cabinet also approved transfer of State land measuring 64 kanals and 1 marla situated at village Sathra Tehsil Mandi, District Poonch for construction of Government Polytechnic College, Poonch in favour of Technical Education Department.
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