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JK Bank records net profit of Rs.174.30 Cr for nine months in current financial year

Monitor News Bureau

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Srinagar, Jan 31: J&K Bank today reported a Net profit of Rs 174 Cr for the nine months ended December 2017 as the Bank declared the reviewed results for the Quarter and nine months ended December 2017 subsequent to adoption of the numbers by the Board of the Bank in a meeting held in Jammu today.
“I think over the past nine months we have been fairly successful in fine tuning and stabilizing our business model and today we are confident about the growth part of our balance sheet as during the first nine months we have achieved steady growth across all zones of the Bank. On the NPA side the accretions have tapered off though provisioning pressure will remain for a few more quarters” commented the Chairman and CEO Parvez Ahmed post declaration of results.
“The bank has achieved an incremental credit growth of 16% in the first 09 months of the FY 17-18 which is predominantly retail within the state and highly rated corporate/PSUs in rest of India.  On YOY basis our credit portfolio has grown 28% from Rs 45086 Cr as on 31.12.2016 to Rs 57929 Cr as on 31.12.2017. The bank is improving lending to productive sectors within the state as we see a large base of credit demand which remains untapped. To make the credit dispensation hassle free we are simultaneously driving the push to sourcing of new retail loans to digital channels and during the quarter being reported 30% of our retail loans have been processed through digital channels”, asserted the Chairman.
Delineating the business numbers for the 09 months period he said,” Deposits and advances stood at Rs73155 Cr and Rs 57929 Cr as on Dec 2017 against Rs 72463 Cr and Rs 49816 Cr as on March 2017. Aided by a better liability mix with CASA ratio of close to 50% the NIIM(index of profitability) has improved by 58 basis points to 3.83% during the first nine months. The NIIM for the 3rd quarter crossed the 4% mark and the cost of deposits moderated to below 5% level as on 31st December 2017.The NPA coverage ratio of the bank has improved to 69.51% from 61.73 % an year ago. “
Lauding the support of the state government who is also the promoter of the bank Parvez Ahmed said, “We are being supported very well by the state government who has infused additional equity of Rs.532 crores to help the bank to meet the regulatory capital requirements. Also by Roll out of Chief Minister’s Business Interest Relief Scheme for all the RBI approved re-structured accounts the state government is incentivizing the restructured account holders to repay the Bank’s dues timely which shall have a salubrious effect on the repayment in restructured accounts by the affected borrowers who will have to repay their 2/3rd part of interest to avail of the 1/3rd part as incentive from the government.”


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State

Governor inaugurates JK Bazar at New Delhi

Monitor News Bureau

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NEW DELHI, OCTOBER 17- Governor Satya Pal Malik inaugurated a newly built J K Bazar, a retail showroom of authentic Jammu Kashmir Handicrafts/ Handlooms/Silk/ Agro based products and Restaurant serving Authentic Kashmiri Cuisine at J&K House, 5-Prithvi Raj Road, New Delhi here today.

Sh. B. R. Sharma, Secretary, Department of Border Management ,Ministry of Home Affairs, GOI, Sh. A. K. Mehta Financial Commissioner-J&K Govt. Sh. Naveen Choudhary, Principal Secretary-Industries and Commerce, Sh.Dheeraj Gupta, Principal Resident Commissioner, New Delhi, Sh. Shantmanu, Development Commissioner Handicrafts, GOI and other senior dignitaries’ were present on the occasion.

The newly constructed State of Art Showroom is for promoting J&K specific products of Handicrafts and Authentic cuisine. The project has been completed over a short period of time. The newly inaugurated Showroom shall cater to the people who cherish the Kashmiri handicraft and relish the traditional Kashmiri food which is now available in the heart of Delhi.

 

Governor visited the entire showroom and appreciated the work done which is a shopper’s stop for both silk and wool ranging from the simple to the most intricate patterns handed down the generations. He further said that Kashmir handicrafts are prized everywhere for their exquisite craftsmanship. He also added that Kashmir not only offers mesmerizing locations but also a wide range of lip smacking and exotic delicacies especially the essence of kashmiri influence which is found in the Wazwan- a meal traditionally consisting of 36 courses.

Other handicraft products in the showroom which are on display include-Paper Machie items, carved walnut wood items, Pashmina Shawls and kashmiri embroidery Sarees.

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State

CS reviews developmental, security scenario at B’pora

Monitor News Bureau

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Sriangar, Oct 15: Chief Secretary, BVR Subramaniyam accompanied by Principal Secretary Planning Monitoring and Development, RohitKansal and Divisional Commissioner Kashmir Baseer Ahmad Khan Tuesday visited district Bandipora and convened a meeting of the officers of district and police administration to review the developmental and security scenario in the district.

District Development Commissioner (DDC) Bandipora Shahbaz Ahmad Mirza, Additional Deputy Commissioner Bandipora Zahoor Ahmad Mir, SSP Bandipora Rahul Malik and all other district officers were present in the meeting.

The DDC gave a detailed presentation of physical and financial achievements made under various sectors including R&B, PHE, Power, Irrigation and flood control, Rural Development, Sports, Handicrafts and Education.

 

The DDC apprised the meeting that cent percent dumping of essential commodities has been ensured in Gurez for upcoming winter season. He said that Rs 46 lakh has been disbursed among the affected families of cross border shelling in Gurez sector and the construction of community Bunkers is under process.

The DDC informed the meeting that the district administration has put all the arrangements in place for the upcoming winter season and there is adequate availability of essential commodities including medicine in the district. All basic amenities and services are provided in a hassle free manner to the general public. He said various languishing developmental projects have been completed and work on others is going on.

Speaking on the occasion the Chief Secretary appreciated the district administration for the efforts and arrangements put in place for the welfare of the people. He directed the officers to work with dedication and in a cooperative manner for accomplishing the various projects under execution in the district. He directed officers of the district administration to stress on development and public welfare.

While reviewing the sports sector, he stressed upon timely completion of play fields approved by the government at various places in the district. He asked for development of sports infrastructure for shaping the potential of youth in a proper direction.

He asked the officers of health department to ensure every possible support and facility to the patients in health institutions for enhancing the percentage of institutional deliveries in order to decrease the infant mortality rate.

The Chief Secretary directed district administration to activate men and machinery for combating the winter inconvenience. CS assured that all facilities will be provided to the general public in an uninterrupted manner and proper arrangements will be made for operation of Gurez- Bandipora road in upcoming winter.

Divisional Commissioner Kashmir Baseer Ahmad Khan asked the officers to address public grievances on priority and emphasised the need of completion of developmental projects, for which he directed the concerned agencies to speed up the pace of work on developmental projects. He said that additional DG sets will be provided to Gurez for providing adequate power supply to the inhabitants.

The Chief Secretary and Div Com also reviewed arrangements put in place for the BDC Elections scheduled on 24 October 2019. They were informed that there are 12 blocks in district for which 36 candidates are in fray. All the arrangements have been finalised for the smooth conduct of elections in the district, DDC said.

Later on, as part of public outreach programme various deputations and public representative met Chief Secretary and Div Com and projected their demands. The deputations demanded completion of District Hospital, Bus Adda, Putushay Power grid Station and beautification of town. The demand of Bandipora Bypass road was also reiterated by the deputations. The development of town drainage system on modern lines and boosting of tourism was also projected by the representatives. Deputation from Bonakoot demanded completion of Bonakoot-Pannar Bridge for which on spot directions were issued by the Chief Secretary for removing bottlenecks in its completion.

The Chief Secretary assured the deputations that necessary steps will be taken to redress their genuine problems and asked the DDC to look into the public issues on priority and ensure that their genuine demands are fulfilled in a time bound manner.

Earlier Chief Secretary reviewed security scenario of the district with the officers from police and other security agencies.

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Centre ₹5.5 lakh package for PaK families who settled outside JK after Partition

Press Trust of India

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The Union Cabinet on Wednesday approved a one-time payment of ₹5.5 lakh as a resettlement package for the 5,300 displaced families who had come from Pakistan-adminestered Kashmir and initially settled outside Jammu and Kashmir but later relocated to the State.

A “historical wrong” has been corrected by the government, Union minister Prakash Javadekar said while briefing reporters after the Cabinet meeting.

In 2016, Prime Minister Narendra Modi had announced the resettlement package for those PaK families who had settled in Jammu and Kashmir after partition on separate occasions.

 

The families which had come from PaK but had settled outside Jammu and Kashmir were left out of the package, Javadekar said. These families had later resettled in Jammu and Kashmir.

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