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Improving financial health, revival of business sector top priority, says J&K Bank chairman

Srinagar: Jammu and Kashmir Bank Chairman RK Chibber on Wednesday said improving financial health and revival of the business sector will remain the top priority of the bank in the next quarter.

After serving as chairman for nearly a year, Reserve Bank of India on Tuesday extended his term by three more months from July 10.

Chibber is expected to improve the financial health of the bank and extend maximum financial support to the business community of Jammu and Kashmir.

In an exclusive chat with The Kashmir Monitor, Chibber said the bank’s deposits will improve from September when the loan moratorium period ends.

“Government of India’s moratorium is likely to end by August 31.  In case there isn’t any more extension, we expect a good business activity. In September, people will be in a position to deposit interest,” he said.

Chibber said the bank is planning to support UT’s retail and industrial sector through its schemes.

“We are monitoring every aspect.  People have been already benefitting from our schemes. More financial impetus will be given to the retail and industrial sector,” he said.

Simultaneously, he said the recruitments, which had been stalled due to the Coronavirus pandemic, will be expedited.

“Our recruitment process is continuing and people have been applying for various posts as per schedule.  We have to take precautions and ensure strict adherence to the SOPs during recruitment drives,” he said.

Meanwhile, reports suggest that the government, which is a major shareholder in the bank will infuse more capital to restore the confidence of stakeholders and improve the bank’s growth performance.

“The J&K Bank’s shares have shown improvement for the last one month.  By noon the JK Bank stock was trading at the upper price band of Rs 19.15 per piece, up by 4.93 %. The UT government is equally focusing on the development of the bank, thereby providing maximum benefits to the people,” a source said.