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J&K Bank strengthens ties with Kashmir University

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SRINAGAR, JULY 11: Today we have taken our relationship with this prestigious institution to the next level by conferring the Most Preferred Client status to the University of Kashmir besides laying the foundation stone of a modern banking center comprising of a Business Unit and a Digital Lounge within the campus.
With a promising beginning like this, we will only scale up our operations here and expand the ambit of our relations in all the areas of mutual benefit and collective good.
J&K Bank Chairman and CEO Parvez Ahmed stated this today shortly after the Vice-Chancellor Kashmir University (KU) Professor Khurshid Iqbal Andrabi in his presence laid the foundation stone for the construction of bank’s own Business Unit and Digital Lounge within the campus of Ka shmir University. Those present on the foundation stone ceremony included Registrar KU Professor Khurshid Ahmad Bhat, Dean Academic Affairs Professor Musadiq Amin Suhaf, Dean Research Professor Zafar Ahmad Reshi, and Dean Colleges Development Council Doctor Nelofar Khan, Bank’s Executive Presidents P K Tickoo, Rajesh Kumar Chhibber, Presidents, Vice Presidents, KU Faculty members, officials and other officers of the bank.
Chairman further said, “As a firm believer in the cross-pollination of ideas between the industry and academia, it has been a long-standing desire to strengthen our already deep ties with the Kashmir University further and we got a perfect opportunity today. Therefore I extend my gratitude to Professor Andrabi under whose leadership we have been allotted land for the establishment of this facility that opens a door for us to provide prompt, hassle-free and state-of-the-art banking services to the faculty, administration, and the students.”
“Alongside, we shall establish a state-of-the-art digital lounge within the premises to provide a world-class facility offering an immersive experience through an array of channels, self-service zone, information and interaction stations besides serving as a business lounge.”
He further said, “Since the inception of our relationship with the Kashmir University, our priority has been to understand your needs and expectations from J&K Bank in serving as your financial partner. I am glad that we have extended our unique product called ‘Phone Pe loan’ facility to the employees of the university.”
“We will also extend the support and counseling to the employees by way of organizing Financial Literacy Camps wherein we shall familiarize you with all of the various benefits and special facilities offered.”, he added.
Commending the authorities for having the university been ranked 47th among the 3000 universities recently by the National Institutional Ranking Framework, he said, “I compliment the entire team for this wonderful feat that places the Kashmir University among the top institutions in the country.”
Reiterating the bank’s larger role in the state, Parvez Ahmed said, “I assure you that we shall continue to play a leading role in catalyzing the socio-economic development of the state.”
Speaking on the occasion, Vice-Chancellor Professor Khurshid Iqbal Andrabi said, “Mutual business interests don’t always result in forging partnerships. I think the motivation was slightly different here. With J&K Bank, we’ve always felt like a family and this sense of belonging with this bank played the key role besides the charismatic personal touch of the Chairman.”
“Today the bond has been made forceful and we are satisfied with this kind of intent and sense of belonging, which is the best thing anyone could offer us. Today I congratulate the Chairman and his team for bringing the personal touch into motion and making it all possible. It is through bonds like these that the two most prestigious institutions of the state can build a new future.”
He further asserted, “Its moral responsibility of all the institutions to cater to the requirements of Kashmir University for their own benefit because this institution nurtures and nourishes their much needed human resource. Regardless of the dispensation here at KU, this institution is supreme as it imparts education. And I am certain that this relationship with the J&K Bank will further be strengthened in future as well.”
On the occasion demo presentations were made regarding the bank products ‘Phone pe Loan’ and ‘mPay’.


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RBI needs to ensure stability: Shaktikanta Das

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New Delhi: The head of the Reserve Bank of India (RBI) said he would take the steps necessary to maintain financial stability in the country and help create favourable conditions for growth.

India’s economy has grown because of measures such as the nationwide goods and services tax and the insolvency and bankruptcy code that prevents wilful defaulters from bidding for stressed assets, Shaktikanta Das said in his address to an investor roundtable.

The country’s growth story is backed by its strong domestic fundamentals, he said, citing lower inflation.

 

Annual retail inflation rate dropped to an 18-month low of 2.19 per cent in December, strengthening the views of some economists that the central bank could ease monetary policy next month.

India’s top business groups on Thursday urged the central bank to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks.

The country also needs to watch out for any sudden turbulence in the gloal financial market, Das said.

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Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud

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Chennai:The Central government has removed two Punjab National Bank (PNB) Executive Directors — Sanjiv Sharan and K.Veera Brahmaji Rao — for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges.

“We welcome the Central government’s action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.

 

“Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970. All these days it was said the top management of government-owned banks — Chairman, Managing Director, Executive Directors — are governed only by the contract of appointment.

“It is also good that the central government has followed the due process of giving the two PNB Executive Directors opportunity to put forth their views before dismissing them,” Venkatachalam added.

According to the Central government’s notification, on July 3, 2018, Sharan and Rao were issued a show cause notice as to why they could not be removed from office for having failed to exercise proper control over the functioning of PNB, thus enabling the fraud through the misuse of SWIFT at the bank’s Brady House branch in Mumbai.

After considering Sharan and Rao’s replies and the comments of the bank’s Board, the Centre removed them from office as it found it was expedient in the interests of PNB.

According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.

“We are happy to see some action being taken. Whether it is only the two Executive Directors and other officials are also involved in the scam has to be probed in full,” Venkatachalam said.

According to him, in the past, low-level officers would have been the scapegoats for such massive scams.

“With the action taken on the top management, people will be satisfied that public sector bank officials are answerable for their lapses,” Venkatachalam added.

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In this new world, data is the new wealth: Ambani

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Mumbai: Reliance Industries chairman and managing director Mukesh Ambani urged Prime Minister Narendra Modi to take steps against ‘data colonisation’, specially by global corporations, stating that Indian data must be owned by Indians.

Invoking Mahatma Gandhi’s movement against political colonisation, Ambani said India now needs a new movement against data colonisation.

“Gandhiji led India’s movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation,” he said Gandhinagar at the Vibrant Gujarat Global Summit.

 

Stressing that, in this new world, data is the new wealth, Ambani said, “India’s data must be controlled and owned by Indian people and not by corporate, especially global corporations.”

He further said, “For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian.”

Stating that the “entire world has come to recognise” Modi “as a man of action”, Ambani said, “Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission.”

Later in the day, countering Ambani’s call, Governor – Commonwealth of Kentucky, Matthew Griswold, asked Modi “to think in the opposite” in order to realise the tremendous opportunity that lies in Indo-US partnership.

“Honorable prime minister you have been asked from this stage to think about limiting the amount of competition, limiting the exchange of ideas, information and goods. I would encourage you to think in the opposite,” he said.

While stating that it is important to put the people of India first, Griswold said, “It is also important to put their opportunity and our opportunity as citizens of the world to trade with one another and exchange ideas because iron sharpens iron.”

The greatest possibility comes from the exchange of these idea, he added.

“If we can cut the regulations, cut the bureaucracy, cut the red tape, the opportunity is enormous between our nations,” he added that India is now the 10th largest trading partner for the US and “climbing quickly”.

“The opportunity before us between India and the United States is incredible, but responsibility falls on each of one us, those of us in elected positions, those of you in the industry, those of you who represent various constituencies, we have much work to do…we must do this, ” Griswold said.

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