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Jammu And Kashmir Bank Review

In 1983, on October 1st , the Jammu and Kashmir Bank was incorporated. From July 4th, 1939 the bank commenced business. In the country it is the first bank of its composition and nature as a bank of state owned. It has been established as semi bank.It got the definition of scheduled bank in the year 1971.RBI has given the grade of “A” for the bank in 1976.

At the time of Independence, the bank faced many severe problems, as during the time, out of the ten branches of the bank, two branches of the banks, namely, Mirpur , Muzaffarabad and Rawalakot, went to the control of other side of line of control along with all assets and cash.

According to the Indian companies act 1956, it got the significance as government company. The bank is now growing very fast with a very large network of about 500 branches and offices through out the country which offers world class services and products to the customers. The bank has got the status of an organization which is value driven today. It has always been working to build trust with the customers, share holders, regulators, borrowers, employees, diverse stakeholders . To achieve this, it has developed a strategy which will direct to develop a sound foundation of trust and relationship to achieve excellence. This comes from a nice corporate governance.

The bank has achieved a high turnover of 33162.11 crores i.e. 18.66% of the previous year which was 27946.32 crores during the period of 2004-05. The achievement was all time. In the same year ,the reserves and capital of the bank has increased from 71.66 crores to 1665.40 crores. The previous year’s reserves was 1593.74 crores.

SCHEMES OF J&K BANK:
The bank offers a large variety of depository service schemes such as Demat which means Dematerialisation , broking of stock through INVESTMART which is an ILFS initiative, depository, market transaction, depository participant, transactions through off-market, rematerialisation and security pledge.

INSURANCE OFFERED BY THE BANK:
The bank offers insurance through Bajaj Allianz General Insurance Co. Ltd.The insurances offered are hospital cash, motor insurance, shopkeepers and burglary. The bank offers insurance policy through metlife bank such as Met Bhavishya which means a plan of money-back flexibly, Met Junior which means Par Endowment and many more.

CREDIT CARD OFFERED BY THE BANK:
The bank issues three types of credit cards namely silver card, gold card and blue card.