Jammu & Kashmir Bank: Difference between revisions

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{{Short description|Indian Jammu and Kashmir based bank}}
{{Short description|Indian bank}}
{{EngvarB|date=May 2014}}
{{Use dmy dates|date=July 2021}}
{{Use dmy dates|date=July 2021}}
{{Infobox company
{{Infobox company
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| logo = Jammu & Kashmir Bank Logo.svg
| logo = Jammu & Kashmir Bank Logo.svg
| logo_size = 250px
| logo_size = 250px
| caption =  
| image = Jkbankchq.jpg
| type = [[Government of India|Nationalised Bank]]
| image_caption = J&K Bank corporate headquarters in [[Srinagar]]
| type = [[Public company|Public]]
| traded_as = {{NSE|J&KBANK}}<br>{{BSE|532209}}
| traded_as = {{NSE|J&KBANK}}<br>{{BSE|532209}}
| foundation = {{Start date and age|1938|10|01|df=yes}}
| foundation = {{Start date and age|1938|10|01|df=yes}}
| founder = Mahraja Hari Singh
| founder = Mahraja Hari Singh
| location_city = [[Srinagar]], [[Jammu and Kashmir (union territory)|Jammu and Kashmir]], India
| location_city = [[Srinagar]], [[Jammu and Kashmir (union territory)|Jammu and Kashmir]], India
| key_people = [[Rajesh Kumar Chhibber]]<br>{{small|([[Chairman]] & [[Managing director|MD]])}}
| key_people = {{Bulleted_list| Amitava Chatterjee <br /> (MD & CEO) | Sudhir Gupta <br /> (Executive Director) | Peer Masood Ahmad <br /> (Group Compliance Officer) | Altaf Hussain Kira <br /> (Chief Risk Officer) | Mohammad Shafi Mir <br /> (Company Secretary) | Ketan Kumar Joshi <br /> (Chief Financial Officer)}}
| industry = {{Unbulleted_list|[[Banking]]|[[Financial service]]s}}
| industry = {{Unbulleted_list|[[Banking]]|[[Financial service]]s}}
| products = {{Bulleted_list|[[Corporate banking]]|[[Retail banking]]|[[Treasury]]|[[Transport loan]]|[[Personal loan]] [[Financial services|and insurance]]|[[Credit cards]]|[[Debit cards]]|[[mPay]]}}
| products = {{Bulleted_list|[[Corporate banking]]|[[Retail banking]]|[[Treasury]]|[[Transport loan]]|[[Personal loan]] [[Financial services|and insurance]]|[[Credit cards]]|[[Debit cards]]}}
| services =  
| services =  
| revenue = {{increase}}{{INRConvert|8830.08|c}} (2020)<ref name="BalSheet">[https://www.jkbank.com/pdfs/invest/2021/J&KBank-Earnings%20Update%20CRORE-Mar-2021_08072021.pdf"] jkbank.com (March 2021).</ref>
| revenue = {{increase}}{{INRConvert|12051|c}} (2024)<ref name="BalSheet">[https://www.jkbank.com/pdfs/annrep/2023-24.pdf"] {{Webarchive|url=https://web.archive.org/web/20210731103136/https://www.jkbank.com/pdfs/invest/2021/J%26KBank-Earnings%20Update%20CRORE-Mar-2021_08072021.pdf |date=31 July 2021 }} jkbank.com (March 2021).</ref>
| operating_income = {{increase}} {{INRConvert|4489.77|c}} (2020)<ref name="BalSheet"/>
| operating_income = {{increase}} {{INRConvert|2250|c}} (2024)<ref name="BalSheet"/>
| net_income = {{increase}} {{INRConvert|432.121|c}} (2021)<ref name="BalSheet"/>
| net_income = {{increase}} {{INRConvert|1770|c}} (2024)<ref name="BalSheet"/>
| assets = {{increase}}{{INRConvert|120291.95|c}} (2020)<ref name="BalSheet"/>
| assets = {{increase}} {{INRConvert|169468|c}} (2024)<ref name="BalSheet"/>
| equity =  
| equity =  
| owner = [[Government of India]] (68.18%)
| owner = [[Government of Jammu and Kashmir]]
| parent = [[Ministry of Finance (India)|Ministry of Finance]], [[Government of India]]
| parent =  
| num_employees = 12,307 (2021)
| num_employees = 12,415 (2024)
| ratio = 12.20% <ref name="BalSheet"/>
| ratio = 12.20%<ref name="BalSheet"/>
| homepage = {{url|https://www.jkbank.com}}
| homepage = {{URL|https://jkb.bank.in/}}
}}
}}


'''Jammu & Kashmir Bank''' Limited (J&K Bank) is a [[Government of India|nationalised bank]] and one of the oldest [[Government of India|nationalised banks]] in India,<ref>{{cite web |title=About Jammu and Kashmir J&K Bank|url=https://www.jkbank.com/others/common/aboutus.php|website=J&K Bank |access-date=23 September 2021}}</ref> having its Corporate Headquarters in Srinagar, J&K with its Zonal Offices in J&K, Delhi, Mumbai and Ladakh. It is under the [[ownership]] of [[Ministry of Finance (India)|Ministry of Finance]], [[Government of India]].
'''Jammu & Kashmir Bank Limited''' (J&K Bank) is an Indian banking and financial services company, headquartered in [[Srinagar]], [[Jammu and Kashmir (union territory)|Jammu and Kashmir]].<ref>{{Cite news |last=Ashiq |first=Peerzada |date=2019-06-08 |title=Vigilance raids J&K Bank, hours after chairman was replaced |url=https://www.thehindu.com/news/national/other-states/vigilance-sleuths-raid-jk-bank-headquarters-after-chairman-parvez-ahmads-removal/article27696359.ece |access-date=2025-01-06 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref> The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the [[princely state]] of [[Jammu and Kashmir (princely state)|Jammu and Kashmir]] Maharaja [[Hari Singh]]. As of 2024, the [[government of Jammu & Kashmir]] owns a majority stake in the bank.<ref>{{cite news |last1=Zargar |first1=Safwat |title=RBI recommends shrinking J&K government share in Jammu and Kashmir Bank |url=https://scroll.in/article/1068615/rbi-recommends-shrinking-j-k-government-share-in-jammu-and-kashmir-bank |access-date=25 July 2025 |work=Scroll.in |date=1 June 2024 |language=en}}</ref>
 
J&K Bank was incorporated on October 1, 1938 by then ruler of princely state of J&K Maharaja Hari Singh with initial paid up capital of ₹ 5.00 Lakh. The bank registered a total business turnover of over Rs.1750 billion as on March 31, 2021.
 
J&K Bank operates on the principle of 'socially empowering banking' in line with its tagline “Serving to Empower” and seeks to deliver innovative financial solutions to cater to the financial needs of all segments of the society.<ref name="keenthemes">{{Cite web|last=keenthemes|title=-CUSTOMER VALUE-|url=http://-customer/%20VALUE-|access-date=2021-07-28|website=-CUSTOMER VALUE-|language=en}}</ref>


==History==
==History==
J&K Bank was founded on October 1, 1938 under letters patent issued by then Maharaja of Jammu & Kashmir, Maharaja Hari Singh. The Maharaja had invited eminent investors to become the founding directors and shareholders of the bank.<ref name="keenthemes"/>
[[File:Jk bank zonal office kathua.jpg|thumb|alt=Jammu & Kashmir bank Zonal Office, Kathua|J&K Bank Zonal Office, [[Kathua]]]]
J&K Bank was founded on 1 October 1938, under letters patent issued by the then Maharaja of Jammu & Kashmir, [[Hari Singh|Maharaja Hari Singh]].<ref name=":1">{{Cite web |last=Sharma |first=S. P. |date=2019-06-16 |title=Mired in controversies, J&K Bank finally comes under RTI Act |url=https://www.thestatesman.com/business/mired-controversies-jk-bank-finally-comes-rti-act-1502766157.html |access-date=2025-01-06 |website=The Statesman |language=en}}</ref>


The bank commenced banking business on July 4, 1939 and was considered the first of its nature and composition as a state-owned bank in the country. The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.
Maharaja of [[Parmar (Rajput clan)|Parmar]] [[Rajput]]s was invited as an investor by Maharaja of Jammu & Kashmir, [[Hari Singh|Maharaja Hari Singh]] to become founding director and shareholders of the bank.<ref name=":1" />


Post-independence, the two branches of the Bank out of 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now PoK) fell to the other side of the Line of Control alongwith cash and other assets.
The bank commenced banking business on 4 July 1939 and was considered the first of its nature and composition as a state-owned bank in the country.<ref name=":2">{{Cite web |last=Service |first=Statesman News |date=2018-12-03 |title=Does turning J-K Bank a PSU undermine Article 370? |url=https://www.thestatesman.com/india/does-turning-j-k-bank-a-psu-undermine-article-370-1502713369.html |access-date=2025-01-06 |website=The Statesman |language=en}}</ref> The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.<ref name=":2" />


The Bank is defined as a government company as per provisions of Indian Companies Act 2013. In 1971, the bank acquired the status of a Scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.<ref name=":1">{{Cite web|last=keenthemes|title=Welcome to Official Website of Jammu and Kashmir Bank|url=https://www.jkbank.com/assets/frontend/layout/img/logos/jklogo.jpg|access-date=2021-07-28|website=J&K Bank|language=en}}</ref>
After the [[Indo-Pakistani War of 1947–1948]], the princely state of [[Jammu and Kashmir (princely state)|Jammu and Kashmir]] was divided  and two branches of the bank out of the then 10 branches viz. [[Muzaffarabad]] [[Rawalakot|Rawalkot]] and [[Mirpur, Azad Kashmir|Mirpur]] (now in Azad Kashmir administered by Pakistan) fell to the other side of the [[Line of Control]] along with cash and other assets.
J&K Bank is the scheduled commercial and oldest private sector bank in India.


==Profile==
The bank is defined as a government company under the Indian Companies Act, 2013. In 1971, the bank acquired the status of a scheduled bank and was declared an ‘A’ class bank by [[Reserve Bank of India]] in 1976.<ref name=":2" />
The Bank, incorporated in 1938, is listed on the NSE and the BSE is incorporated and occupies a unique and dominant position within Jammu and Kashmir due to its strong market presence and status as exclusive agent designated by the Reserve Bank of India for carrying out banking business for the Government of Jammu and Kashmir and its state-owned institutions and departments. The bank collects tax revenues for the central Government of India on behalf of the Central Board of Direct Taxes and Central Board of Excise and Customs, and works with the UT Governments of J&K & Ladakh in the implementation of a number of flagship initiatives for employment of youth, women empowerment etc.


The bank being the major financial player in the UT of Jammu and Kashmir holds a leading market share of over 65% as of March 31, 2021 in banking business. Besides bank also holds market share of around 60% in banking business in the UT of Ladakh.<ref name=":1" />
== Milestones ==
The bank celebrated its [[platinum jubilee]] in 2013. In that year, the bank achieved a total business of {{INR}}1000 billion and earned a net profit of {{INR}}10 billion.<ref>[http://articles.economictimes.indiatimes.com/2013-04-01/news/38189714_1_lakh-crore-business-kashmir-bank-platinum-jubilee-year Jammu and Kashmir Bank achieves {{INR}} one lakh crore business – Economic Times] {{Webarchive|url=https://web.archive.org/web/20130405191126/http://articles.economictimes.indiatimes.com/2013-04-01/news/38189714_1_lakh-crore-business-kashmir-bank-platinum-jubilee-year |date=5 April 2013 }}. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.</ref><ref>[http://www.greaterkashmir.com/news/2013/Apr/2/jk-bank-vaults-rs1-lakh-cr-biz-target-18.asp JK Bank vaults {{INR}}1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT] {{Webarchive|url=https://web.archive.org/web/20130403193530/http://greaterkashmir.com/news/2013/Apr/2/jk-bank-vaults-rs1-lakh-cr-biz-target-18.asp |date=3 April 2013 }}. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.</ref>


== Milestones ==
On 1 October 2018, the bank completed its 80 years of existence and a campaign under the theme “80 years of bonding – I pledge to strengthen it” was launched.<ref>{{cite web|last=IMTIYAZ|first=SOFI|title=Celebrating eighty years of bonding|url=https://www.greaterkashmir.com/todays-paper/celebrating-eighty-years-of-bonding|access-date=2021-07-28|website=Greater Kashmir|date=26 October 2018|language=en|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095619/https://www.greaterkashmir.com/todays-paper/celebrating-eighty-years-of-bonding|url-status=live}}</ref>
The bank celebrated its [[platinum jubilee]] in 2013. In that year the bank achieved a total business of {{INR}} 1000&nbsp;billion and earned a net profit of {{INR}} 10&nbsp;billion. On 1 April 2013 the bank surpassed the target of promised {{INR}} 1000&nbsp;billion business and other annual targets as well in its platinum jubilee year.<ref>[http://articles.economictimes.indiatimes.com/2013-04-01/news/38189714_1_lakh-crore-business-kashmir-bank-platinum-jubilee-year Jammu and Kashmir Bank achieves {{INR}} one lakh crore business – Economic Times]. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.</ref><ref>[http://www.greaterkashmir.com/news/2013/Apr/2/jk-bank-vaults-rs1-lakh-cr-biz-target-18.asp JK Bank vaults {{INR}}1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT]. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.</ref>


The bank on October 1, 2018 completed its 80 years of existence and the day was celebrated by the Bank under the theme “80 years of bonding – I pledge to strengthen it”.<ref>{{Cite web|last=IMTIYAZ|first=SOFI|title=Celebrating eighty years of bonding|url=https://www.greaterkashmir.com/todays-paper/celebrating-eighty-years-of-bonding|access-date=2021-07-28|website=Greater Kashmir|language=en}}</ref>
On 1 July 2019, the bank surpassed a deposit base of {{INR}}1000 billion with over 10 million customers.<ref>{{cite web|date=2019-05-22|title=Jammu & Kashmir Bank: Banking on profitability|url=https://moneytimes.in/early-bird-gains/jammu-kashmir-bank-banking-on-profitability/|access-date=2021-07-28|website=Money Times|language=en|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095626/https://moneytimes.in/early-bird-gains/jammu-kashmir-bank-banking-on-profitability/|url-status=live}}</ref>


On July 1, 2019, the bank surpassed deposit base of Rs.1000 billion with over 10 million customers.<ref>{{Cite web|date=2019-05-22|title=Jammu & Kashmir Bank: Banking on profitability|url=https://moneytimes.in/early-bird-gains/jammu-kashmir-bank-banking-on-profitability/|access-date=2021-07-28|website=Money Times|language=en}}</ref>
In July 2020, the bank ranked within the top four financial institutions in India for successfully meeting digital payment targets under the ‘[[Digital India]]’ mission.<ref>{{cite web|last=KNS|title=KNS|url=http://www.knskashmir.com/jk-bank-jumps-to-4th-place-among-the-banks-across-india-in-digital-transactions-48607|access-date=2021-07-28|website=www.knskashmir.com|date=15 July 2020 |language=en-GB|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095625/http://www.knskashmir.com/jk-bank-jumps-to-4th-place-among-the-banks-across-india-in-digital-transactions-48607|url-status=live}}</ref>


In July 2020, the bank figured among the top 4 banks in India in achieving targets in digital payments, contributing towards ‘Digital India’ mission.<ref>{{Cite web|last=KNS|title=KNS|url=http://www.knskashmir.com/jk-bank-jumps-to-4th-place-among-the-banks-across-india-in-digital-transactions-48607|access-date=2021-07-28|website=www.knskashmir.com|language=en-GB}}</ref><ref name="keenthemes"/>
In August 2024, rating of bank was upgraded by India Ratings – a Fitch Group company and one of the india's leading rating agencies . Company in its report upgraded the long term issuer rating of the bank from INDA+ to INDAA- with a stable outlook for long term .<ref>{{cite web|url=https://www.dailyexcelsior.com/india-ratings-upgrades-jk-bank-rating-from-inda-to-indaa/ |title=India Ratings upgrades J&K Bank rating from INDA+ to INDAA- |date=24 August 2024 }}</ref>


==Network==
==Network==
The Bank has over 2400 touch points across the country including 964 branches and 1388 ATMs as on Aug 31, 2021 spread over 18 states and 4 UTs. Out of 964 BUs, 804 are operating in the Union Territory of Jammu & Kashmir, 36 in Union Territory of Ladakh and 124 are operating outside the UTs of J&K and Ladakh. Bank has 75 Easy Banking Units (EBUs) in UT of J&K and Ladakh out of which 35 EBUs are operating in UT of Ladakh <ref>Strategy and Partnership Department, J&K louda Bank</ref>
As of 31 December 2025, the bank maintains a network of around 5000 touch points - 1008 branches, 1436 ATMs, 169 CRMs and 99 Ultra Small Branches known as Easy Banking Units (EBUs), distributed across 18 states and 4 Union Territories. 835 of the branches are in the Union Territory of Jammu & Kashmir and 37 are in the Union Territory of [[Ladakh]] and 136 branches outside the UTs of J&K and Ladakh.


== Awards ==
Within the Union Territories of J&K and Ladakh, the bank operates a total of 99 Easy Banking Units (EBUs). 36 of these EBUs are situated in the Union Territory of Ladakh, while the rest operate in the Union Territory of Jammu & Kashmir.{{Citation needed|date=June 2024}}
J&K Bank’s illustrious history of more than eight decades is decorated with awards and accolades. Over the years, the bank has collected numerous honors in various categories.
 
=== 2020 ===
At the 16th Annual Banking Technology Awards of Indian Banks’ Association (IBA), J&K Bank was honoured with the ‘Best Technology Bank of the Year Award’ for the year 2019-20. The Bank’s Chairman and Managing Director R K Chhibber received the award in a virtual award ceremony held in third week of March, 2021.
 
Chosen for the top award by the jury of experts, stalwarts and senior functionaries from the banking industry, the Bank emerged as runner up in the category of Best Digital Financial Inclusion Initiatives Award.<ref>{{Cite journal|date=March 2020|title=Inter-American Development Bank Annual Report 2019: The Year in Review|url=http://dx.doi.org/10.18235/0002270}}</ref>
 
=== 2019 ===
 
==== BFSI Leadership Award ====
As a recognition for his exemplary leadership in banking domain, the bank’s Chairman and Managing Director (CMD) R K Chhibber was felicitated with ‘Banking, Financial Services and Insurance (BFSI) Leadership Award’ at a gala event during the 4th Elets BFSI Leadership Summit in Mumbai.<ref>{{Cite web|last=KV|title=JK Bank bags IBA’s Best Technology Bank award|url=https://kashmirvision.in/2021/03/18/jk-bank-bags-ibas-best-technology-bank-award/|access-date=2021-07-28|website=Kashmir Vision|language=en-US}}</ref>
 
==== J&K Bank amongst the Top 5 Performing Banks in PFMS ====
For outstanding performance in Public Financial Management System (PFMS) for FY2019-20, the bank has been ranked amongst Top 5 Performing banks in the country by Department of Financial Services, Ministry of Finance, Government of India.<ref name=":1" />
 
==== Top Banker Award for PMEGP ====
For its outstanding performance under Prime Minister’s Employment Generation Programme (PMGEP) in the entire North Zone, J&K bank bagged Top Bankers Award for the 63 financial year 2018 -19 given in FY19-20<ref>{{Cite web|title=J&K Bank bags Top Banker Award for PMEGP|url=https://news.statetimes.in/jk-bank-bags-top-banker-award-for-pmegp/|access-date=2021-07-28|website=State Times|language=en-GB}}</ref>
 
==== HUDCO Award for outstanding contribution in the Housing Sector ====
Housing and Urban Development Corporation, a Government of India enterprise, felicitated the bank in recognition of its outstanding contribution through initiatives in the housing sector under the Pradhan Mantri Awas Yojna (Urban) - CLSS. The Bank achieved the recognition for its contribution under the Private Sector Bank category for the Financial Year 2018- 19.<ref>{{Cite web|last=Service|first=Tribune News|title=HUDCO award for J&K Bank|url=https://www.tribuneindia.com/news/archive/j-k/hudco-award-for-jk-bank-763867|access-date=2021-07-28|website=Tribuneindia News Service|language=en}}</ref>
 
==== CSO100 Award ====
The bank won the CSO100 Award for the year 2019 at a ceremony held in Pune, Maharashtra for adopting new ways of thinking to secure business assets with sophisticated tools and improved defenses.<ref>{{Cite web|last=gk-news-network|title=J&K Bank’s Information Security officer bags CSO100 Award|url=https://www.greaterkashmir.com/business/jk-banks-information-security-officer-bags-cso100-award|access-date=2021-07-28|website=Greater Kashmir|language=en}}</ref>


== Subsidiaries ==
== Subsidiaries ==
J&K Bank provides extensive range of investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in Gurgaon) besides having sales desks across 61 J & K Bank Branches across the Union Territory of J & K. JKBFSL provides services in stock broking, depository, distribution of mutual funds, IPOs, ETFs, Tax Planning etc.<ref name="keenthemes"/>
J&K Bank provides investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in [[Gurgaon]]) besides having sales desks at 61 J&K Bank branches across the Union Territory of J&K.{{citation needed|date=December 2021}}
 
== Associate ==
J&K Bank is also sponsor bank for J&K Grameen Bank with a share holding of 35% engaged in providing all kinds of financial services in UT of J&K and Ladakh. J&K Grameen Bank was established on June 30, 2009 and is functioning in 11 districts in the Union Territory of Jammu & Kashmir and 2 districts in UT of Ladakh.<ref>{{Cite web|title=J&K Grameen Bank - Engendering Empowerment|url=https://www.jkgb.in/history.aspx|access-date=2021-07-28|website=www.jkgb.in}}</ref>
 
== Tie-Ups ==
Bank has entered into tie-ups with various national as well as multinational companies to extend its third party service base across the country.
 
Under Bancassurance, Bank is a partner to PNB Metlife<ref name="keenthemes"/> for life insurance while as for non-life, Bank has collaborated with Bajaj Allianz General Insurance Company Limited (BAGICL)<ref name="keenthemes"/> & IFFCO Tokyo General Insurance Limited.<ref>{{Cite web|title=Statement on our relationship with Jammu & Kashmir Bank|url=https://www.iffcotokio.co.in/about-us/media-center/press-note/statement-on-news-report-on-our-relationship-with-jammu-kashmir-bank|access-date=2021-07-28|website=www.iffcotokio.co.in|language=en}}</ref>


Besides, Bank has entered into business agreements with companies like TATA motors,<ref>{{Cite web|last=www.ETAuto.com|title=Tata Motors partners with J&K Bank for CV financing - ET Auto|url=https://auto.economictimes.indiatimes.com/news/auto-finance/tata-motors-partners-with-jk-bank-for-cv-financing/84238499|access-date=2021-07-28|website=ETAuto.com|language=en}}</ref> Mahindra & Mahindra<ref>{{Cite web|title=Mahindra & Mahindra enters into preferred financier agreement with J&K Bank for Car Loans and Commercial Vehicle Finance|url=https://www.motoroids.com/news/mahindra-mahindra-enters-into-preferred-financier-agreement-with-jk-bank-for-car-loans-and-commercial-vehicle-finance/|access-date=2021-07-28|website=www.motoroids.com|language=en}}</ref> for extending its financial services to its consumers.
== Regional Rural Bank ==
J&K Bank serves as the sponsoring bank for [[Jammu and Kashmir Grameen Bank]], holding a substantial 35% equity share. Jammu and Kashmir Grameen Bank focuses on delivering a comprehensive range of financial services within the Union Territories of Jammu & Kashmir and Ladakh. Commencing operations on 1 may 2025, the Regional rural bank operates across all 20 districts in the Union Territory of Jammu & Kashmir, in addition to 2 districts within the Union Territory of Ladakh.<ref>{{cite web |last=jkgb |title=J&K Grameen Bank - Engendering Empowerment |url=https://www.jkgb.in/history.aspx |url-status=live |archive-url=https://web.archive.org/web/20210728095619/https://www.jkgb.in/history.aspx |archive-date=28 July 2021 |access-date=2021-07-28 |website=www.jkgb.in}}</ref>


== Corruption allegations ==
== Tie-ups ==
J&K Bank has been allegedly accused on multiple occasions of un-accountability.<ref name=":0">{{Cite web|last=Pandit|first=M. Saleem|date=23 December 2019|title=2 ex-chairmen of J&K Bank arrested for graft|url=https://timesofindia.indiatimes.com/india/2-ex-chairmen-of-jk-bank-arrested-for-graft/articleshow/72944812.cms|access-date=8 August 2020|website=The Times of India|language=en}}</ref><ref>{{Cite web|last=PTI|date=7 August 2020|title=J&K was a broken state, frauds were at unbelievable levels everywhere, says chief secretary|url=https://theprint.in/india/jk-was-a-broken-state-frauds-were-at-unbelievable-levels-everywhere-says-chief-secretary/477320/|access-date=8 August 2020|website=ThePrint|language=en-US}}</ref> In 2019, following the formation of the union territories of Jammu and Kashmir, the Anti-corruption Bureau started investigations into alleged corrupt practices by a number of bank officials, including former bank chairpersons [[Parvez Ahmad|Parvaiz Ahmad Nengroo]] and Mushtaq Ahmad Sheikh. From 2011, chairpersons of J&K Bank allegedly made over "2,500 backdoor appointments".<ref name=":0" /><ref>{{Cite web|date=20 October 2019|title=J&K Bank loan fraud: Anti-corruption bureau lodges FIR in ₹1,100 cr scam|url=https://www.livemint.com/news/india/j-k-bank-loan-fraud-anti-corruption-bureau-lodges-fir-in-rs-1-100-cr-scam-11571558053126.html|access-date=8 August 2020|website=Livemint|language=en}}</ref><ref>{{Cite web|last=Sharma|first=Arun|date=21 October 2019|title=FIR against J&K Bank ex-chief, 23 others for Rs 1,100-crore fraud|url=https://www.financialexpress.com/industry/banking-finance/fir-against-jk-bank-ex-chief-23-others-for-rs-1100-crore-fraud/1741334/|access-date=8 August 2020|website=The Financial Express|language=en-US}}</ref>
The bank partners with various national as well as multinational companies to promote and operate its financial services. Under [[Bancassurance]], the bank collaborates with PNB Metlife to offer life insurance products, and joined forces with [[Bajaj Allianz General Insurance|Bajaj Allianz]] and IFFCO Tokio to provide non-life insurance solutions.<ref>{{cite web|title=Statement on our relationship with Jammu & Kashmir Bank|url=https://www.iffcotokio.co.in/about-us/media-center/press-note/statement-on-news-report-on-our-relationship-with-jammu-kashmir-bank|access-date=2021-07-28|website=www.iffcotokio.co.in|language=en|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095622/https://www.iffcotokio.co.in/about-us/media-center/press-note/statement-on-news-report-on-our-relationship-with-jammu-kashmir-bank|url-status=live}}</ref> The bank also established partnerships with [[Tata Motors]],<ref>{{cite web|last=www.ETAuto.com|title=Tata Motors partners with J&K Bank for CV financing - ET Auto|url=https://auto.economictimes.indiatimes.com/news/auto-finance/tata-motors-partners-with-jk-bank-for-cv-financing/84238499|access-date=2021-07-28|website=ETAuto.com|language=en|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095620/https://auto.economictimes.indiatimes.com/news/auto-finance/tata-motors-partners-with-jk-bank-for-cv-financing/84238499|url-status=live}}</ref> [[Mahindra & Mahindra]]<ref>{{cite web|title=Mahindra & Mahindra enters into preferred financier agreement with J&K Bank for Car Loans and Commercial Vehicle Finance|url=https://www.motoroids.com/news/mahindra-mahindra-enters-into-preferred-financier-agreement-with-jk-bank-for-car-loans-and-commercial-vehicle-finance/|access-date=2021-07-28|website=www.motoroids.com|date=30 April 2013|language=en|archive-date=28 July 2021|archive-url=https://web.archive.org/web/20210728095624/https://www.motoroids.com/news/mahindra-mahindra-enters-into-preferred-financier-agreement-with-jk-bank-for-car-loans-and-commercial-vehicle-finance/|url-status=live}}</ref> and [[Maruti Suzuki]]<ref>{{Cite web |title= Maruti Suzuki ties up with J&K Bank to provide financing solutions to dealers|date=25 January 2024 |url=https://www.dailyexcelsior.com/maruti-suzuki-ties-up-with-jk-bank-to-provide-financing-solutions-to-dealers/#google_vignette}}</ref> to market and offer its financial services.


In August 2020, the [[Enforcement Directorate]] (ED) claimed that the son of former Jammu and Kashmir finance minister Abdul Rahim Rather, Hilal Rather, used money loaned from JK Bank "to splurge on foreign tours and acquire personal assets in India, Dubai and the US." In relation to this the ED raided a number of places in Srinagar, Jammu, Delhi and Punjab.<ref>{{Cite web|date=8 August 2020|title=Ex-J&K Minister's Son "Siphoned Off" Loan Money To Travel, Buy Illegal Assets: ED|url=https://www.ndtv.com/india-news/ex-j-k-minister-abdul-rahim-rathers-son-siphoned-off-loan-money-to-travel-buy-illegal-assets-abroad-ed-2276125|access-date=8 August 2020|website=NDTV}}</ref><ref>{{Cite web|date=7 August 2020|title=ED raids 17 places over J&K Bank loan fraud case - Sentinelassam|url=https://www.sentinelassam.com/national-news/ed-raids-17-places-over-jk-bank-loan-fraud-case-493732|access-date=8 August 2020|website=Aentinel Assam|language=en}}</ref><ref>{{Cite web|date=6 August 2020|title=Bank fraud case: ED raids former J-K minister's son Hilal Rather|url=https://www.hindustantimes.com/india-news/bank-fraud-case-ed-raids-former-j-k-minister-s-son-hilal-rather/story-wY2RYDAIarZ8k1Wvo2RxGK.html|access-date=8 August 2020|website=Hindustan Times|language=en}}</ref>
Bank has also signed corporate agency agreement with [[Life Insurance Corporation|LIC]] through which bank will service and solicit LIC’s life insurance products through its branch network.<ref>{{Cite web |title= J&K Bank signs corporate agency agreement with LIC|date=15 March 2023 |url=https://www.thehindubusinessline.com/money-and-banking/jk-bank-signs-corporate-agency-agreement-with-lic/article66621486.ece}}</ref>


==See also==
==See also==
 
{{Portal|Banks}}
* [[Banking in India]]
* [[Banking in India]]
* [[List of banks in India]]
* [[List of banks in India]]
* [[Reserve Bank of India]]
* [[Reserve Bank of India]]
* [[Indian Financial System Code]]
* [[Indian Financial System Code]]
* [[List of largest banks]]
* [[List of companies of India]]
* [[Make in India]]


==References==
==References==
{{Reflist}}
{{Reflist}}
==External links==
* [http://www.jkbank.com/ Official website]


{{Banking in India}}
{{Banking in India}}
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[[Category:Private sector banks in India]]
[[Category:Government-owned banks of India]]
[[Category:Indian companies established in 1938]]
[[Category:Indian companies established in 1938]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:Companies listed on the Bombay Stock Exchange]]

Latest revision as of 19:28, 11 March 2026


Jammu and Kashmir Bank Limited
Traded asNSE: J&KBANK
BSE: 532209
Industry
Founded1 October 1938; 87 years ago (1938-10-01)
Founder(s)Mahraja Hari Singh
Headquarters
Srinagar, Jammu and Kashmir, India
Key people
  • Amitava Chatterjee
    (MD & CEO)
  • Sudhir Gupta
    (Executive Director)
  • Peer Masood Ahmad
    (Group Compliance Officer)
  • Altaf Hussain Kira
    (Chief Risk Officer)
  • Mohammad Shafi Mir
    (Company Secretary)
  • Ketan Kumar Joshi
    (Chief Financial Officer)
Products
RevenueIncrease₹12,051 crore (US$1.7 billion) (2024)[1]
Increase ₹2,250 crore (US$320 million) (2024)[1]
Increase ₹1,770 crore (US$250 million) (2024)[1]
Total assetsIncrease ₹169,468 crore (US$24 billion) (2024)[1]
OwnerGovernment of Jammu and Kashmir
Number of employees
12,415 (2024)
Capital ratio class39 = tel12.20%[1]
Websitejkb.bank.in

Jammu & Kashmir Bank Limited (J&K Bank) is an Indian banking and financial services company, headquartered in Srinagar, Jammu and Kashmir.[2] The Jammu and Kashmir Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh. As of 2024, the government of Jammu & Kashmir owns a majority stake in the bank.[3]

History[edit | edit source]

Jammu & Kashmir bank Zonal Office, Kathua
J&K Bank Zonal Office, Kathua

J&K Bank was founded on 1 October 1938, under letters patent issued by the then Maharaja of Jammu & Kashmir, Maharaja Hari Singh.[4]

Maharaja of Parmar Rajputs was invited as an investor by Maharaja of Jammu & Kashmir, Maharaja Hari Singh to become founding director and shareholders of the bank.[4]

The bank commenced banking business on 4 July 1939 and was considered the first of its nature and composition as a state-owned bank in the country.[5] The bank was established as a semi-state bank with participation in capital by state and the public under the control of state government.[5]

After the Indo-Pakistani War of 1947–1948, the princely state of Jammu and Kashmir was divided and two branches of the bank out of the then 10 branches viz. Muzaffarabad Rawalkot and Mirpur (now in Azad Kashmir administered by Pakistan) fell to the other side of the Line of Control along with cash and other assets.

The bank is defined as a government company under the Indian Companies Act, 2013. In 1971, the bank acquired the status of a scheduled bank and was declared an ‘A’ class bank by Reserve Bank of India in 1976.[5]

Milestones[edit | edit source]

The bank celebrated its platinum jubilee in 2013. In that year, the bank achieved a total business of ₹1000 billion and earned a net profit of ₹10 billion.[6][7]

On 1 October 2018, the bank completed its 80 years of existence and a campaign under the theme “80 years of bonding – I pledge to strengthen it” was launched.[8]

On 1 July 2019, the bank surpassed a deposit base of ₹1000 billion with over 10 million customers.[9]

In July 2020, the bank ranked within the top four financial institutions in India for successfully meeting digital payment targets under the ‘Digital India’ mission.[10]

In August 2024, rating of bank was upgraded by India Ratings – a Fitch Group company and one of the india's leading rating agencies . Company in its report upgraded the long term issuer rating of the bank from INDA+ to INDAA- with a stable outlook for long term .[11]

Network[edit | edit source]

As of 31 December 2025, the bank maintains a network of around 5000 touch points - 1008 branches, 1436 ATMs, 169 CRMs and 99 Ultra Small Branches known as Easy Banking Units (EBUs), distributed across 18 states and 4 Union Territories. 835 of the branches are in the Union Territory of Jammu & Kashmir and 37 are in the Union Territory of Ladakh and 136 branches outside the UTs of J&K and Ladakh.

Within the Union Territories of J&K and Ladakh, the bank operates a total of 99 Easy Banking Units (EBUs). 36 of these EBUs are situated in the Union Territory of Ladakh, while the rest operate in the Union Territory of Jammu & Kashmir.[citation needed]

Subsidiaries[edit | edit source]

J&K Bank provides investment & stock broking through its wholly owned subsidiary JKB Financial Services Limited (JKBFSL). It has 12 branches (5 Branches in Kashmir, 6 Branches in Jammu and 1 Branch in Gurgaon) besides having sales desks at 61 J&K Bank branches across the Union Territory of J&K.[citation needed]

Regional Rural Bank[edit | edit source]

J&K Bank serves as the sponsoring bank for Jammu and Kashmir Grameen Bank, holding a substantial 35% equity share. Jammu and Kashmir Grameen Bank focuses on delivering a comprehensive range of financial services within the Union Territories of Jammu & Kashmir and Ladakh. Commencing operations on 1 may 2025, the Regional rural bank operates across all 20 districts in the Union Territory of Jammu & Kashmir, in addition to 2 districts within the Union Territory of Ladakh.[12]

Tie-ups[edit | edit source]

The bank partners with various national as well as multinational companies to promote and operate its financial services. Under Bancassurance, the bank collaborates with PNB Metlife to offer life insurance products, and joined forces with Bajaj Allianz and IFFCO Tokio to provide non-life insurance solutions.[13] The bank also established partnerships with Tata Motors,[14] Mahindra & Mahindra[15] and Maruti Suzuki[16] to market and offer its financial services.

Bank has also signed corporate agency agreement with LIC through which bank will service and solicit LIC’s life insurance products through its branch network.[17]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ 1.0 1.1 1.2 1.3 1.4 " Archived 31 July 2021 at the Wayback Machine jkbank.com (March 2021).
  2. ↑ Ashiq, Peerzada (8 June 2019). "Vigilance raids J&K Bank, hours after chairman was replaced". The Hindu. ISSN 0971-751X. Retrieved 6 January 2025.
  3. ↑ Zargar, Safwat (1 June 2024). "RBI recommends shrinking J&K government share in Jammu and Kashmir Bank". Scroll.in. Retrieved 25 July 2025.
  4. ↑ 4.0 4.1 Sharma, S. P. (16 June 2019). "Mired in controversies, J&K Bank finally comes under RTI Act". The Statesman. Retrieved 6 January 2025.
  5. ↑ 5.0 5.1 5.2 Service, Statesman News (3 December 2018). "Does turning J-K Bank a PSU undermine Article 370?". The Statesman. Retrieved 6 January 2025.
  6. ↑ Jammu and Kashmir Bank achieves ₹ one lakh crore business – Economic Times Archived 5 April 2013 at the Wayback Machine. Articles.economictimes.indiatimes.com (1 April 2013). Retrieved on 6 December 2013.
  7. ↑ JK Bank vaults ₹1 lakh cr biz target Lastupdate:- Tue, 2 Apr 2013 18:30:00 GMT Archived 3 April 2013 at the Wayback Machine. Greaterkashmir.com (2 April 2013). Retrieved on 6 December 2013.
  8. ↑ IMTIYAZ, SOFI (26 October 2018). "Celebrating eighty years of bonding". Greater Kashmir. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  9. ↑ "Jammu & Kashmir Bank: Banking on profitability". Money Times. 22 May 2019. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  10. ↑ KNS (15 July 2020). "KNS". www.knskashmir.com. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  11. ↑ "India Ratings upgrades J&K Bank rating from INDA+ to INDAA-". 24 August 2024.
  12. ↑ jkgb. "J&K Grameen Bank - Engendering Empowerment". www.jkgb.in. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  13. ↑ "Statement on our relationship with Jammu & Kashmir Bank". www.iffcotokio.co.in. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  14. ↑ www.ETAuto.com. "Tata Motors partners with J&K Bank for CV financing - ET Auto". ETAuto.com. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  15. ↑ "Mahindra & Mahindra enters into preferred financier agreement with J&K Bank for Car Loans and Commercial Vehicle Finance". www.motoroids.com. 30 April 2013. Archived from the original on 28 July 2021. Retrieved 28 July 2021.
  16. ↑ "Maruti Suzuki ties up with J&K Bank to provide financing solutions to dealers". 25 January 2024.
  17. ↑ "J&K Bank signs corporate agency agreement with LIC". 15 March 2023.
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