J&K Bank is of vital and systemic significance to region’s economy: LG

LG G C Murmu inaugurating J&K Bank Cluster Office & Industrial BU at Samba on Saturday.
LG G C Murmu inaugurating J&K Bank Cluster Office & Industrial BU at Samba on Saturday.

Excelsior Correspondent
SAMBA, Feb 1: Terming J&K Bank as an institution of vital and systematic significance to the economy of entire region, Lt Governor G C Murmu today reiterated the Government’s resolve to provide all possible support to the bank.
“As an institution, J&K Bank is of vital and systemic significance to the economy of this entire region and the Government remains committed to ensure that it has a strong corporate governance framework and functions according to its laid-down principles of service with efficiency and transparency. The UT Government shall provide every kind of support and help to the bank in this regard, for, it has to play a major role in realizing our mission of equitable development and socially inclusive progress of this region”, he said while interacting with the industrialists shortly after inaugurating J&K Bank’s Cluster Office and Industrial Finance Business Unit (BU) at Samba, here today.
J&K Bank Chairman and MD R K Chhibber; Commissioner Secretary Industries & Commerce M K Dwivedi; Divisional Commissioner Jammu, Sanjeev Verma; Bank’s Executive President, Presidents, Vice-Presidents, officials from district administration, industrialists and other officers of the bank were present on the occasion.
Elaborating upon the upcoming first ever Global Investors Summit, the LG said that it shall be an important step towards realizing the mission of development for which preparations are already underway. “We believe that the summit would boost the investments and thereby expedite the development of economy of this place both in scope and scale,” he said and also assured the local industrialists that their interests would be protected.
Post-inauguration, the bank’s CMD along with his entire team accompanied the LG G C Murmu during his walk through the branch premises and the cluster office. The sprawling and state-of-the-art cluster office and BU are housed in the Phase I of SIDCO, Samba. The Lt Governor also made on-spot disposal of various issues raised by the industrialists during the interaction
Earlier, in his address, the CMD R K Chhibber briefed the dignitaries about the bank’s performance in the third quarter (Q3) of current financial year, which are quite better than the expectations despite recent disruptions in J&K, especially across the valley.
Highlighting the significance of the event and the systemic importance of J&K Bank for the region, the CMD said: “Today’s event marks more than just the opening of a newly developed Cluster Office and BU of our Bank, as it is a beginning of a fresh phase in the development of this region; an expansion of facilities and intensification of efforts to bring financial services to the door step of the people. It represents a translation into concrete reality of our efforts and determination to foster the economic and social advancement of our people, particularly the sub-urban and rural people.”
While emphasizing some of the key improvements like implementation of RTI Act, CVC guidelines, reinforcing compliance culture, realigning business strategy and sharp reduction in expenditure etc that has been brought in the management and functioning of the Bank since June 2019, the CMD asserted, “To put it concisely, the bank has all the right ingredients needed to propel it on to a higher trajectory of growth, profitability and institutional excellence. Since the J&K Government is very keen about the economic development of this region, we believe J&K bank has a greater responsibility to shoulder while partnering with the Government in maintaining the sustainable developmental architecture in J&K besides investing in its further improvisation.”
Zonal Head Jammu Central – II Sudhir Gupta concluded the function by presenting the vote of thanks.