RETAIL BANKING | Cesar Tordesillas, India

J&K Bank revs up momentum with ATMs

Still on cloud nine over posting its highest profit ever of US$86 million, the Jammu and Kasmhir Bank dedicated four ATMs to Rajouri.J&K Bank is continuing with its policy of reaching out to the people irrespective of their locations and making available the latest benefits of information technology.Mr. Shabir Ahmed Khan, Member Legislative Assembly of Rajouri, requested the bank to initiate an intensive campaign for village adoption and financial inclusion with special reference to serve below-poverty-line population and increasing the bank’s reach by opening more branches in the districts of Rajouri and Poonch.Mr. A.K Mehta, Chief Operating Officer and Executive Director, highlighted the bank’s performance and thanked the gathering at a function presided over by Khan in extending their full and whole hearted support to the bank."It is because of your support the bank earned highest ever profit of Rs.409.84 crore during the FY 2008-09," said Mr. Mehta.These ATMs are located at Gujjar Market, Jawahar Nagar, Nowshera and Sunderbani. Besides, the Bank shifted its Business unit Jawahar Nagar, Rajouri, to a state-of-the-art premises loaded with modern banking technology offering world-class services to its clientele.Mehta also announced establishment of currency chest at Rajouri which will go a long way in making available fresh and serviceable cash to the population of the area.The J&K Bank announced its audited results for FY 2008-09, following the approval of its Board of Directors in a meeting held in Srinagar on 31 May 2009. The Bank recorded a net profit of US$16.550 million in Q4 FY2008-09, an increase of 32 percent over the corresponding period of the previous year. On annual basis, the Bank, which continued to increase its presence in SME, retail and micro-finance lending, posted a net profit of US$86.2 million as against US$75.8 million in the year ended March 2008, exceeding its earlier highest profit of US$85.5 million in the year 2003-04.

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