JK Bank issues preferential shares to state Govt

Published at March 21, 2017 12:51 AM 0Comment(s)355views


Rising Kashmir News

Jammu, Mar 20:

Pursuant to the receipt of approval of the Reserve Bank of India for capital infusion in the Bank, state government Monday infused its first tranche of Rs 250 crores into JK Bank as additional capital from its budgetary allocation of Rs 530Cr for the purpose.
The Board of the Bank which met here today confirmed the news and informed that preferential allotment of shares equivalent to the capital infused has been made in favor of the Government of J&K today in its meeting specially convened for the purpose.
The Board of the Bank through its Chairman, Parvez Ahmed acknowledged the timely capital infusion which shall enable the Bank to maintain the statutory Capital Adequacy Ratio mandated by the RBI for 31st March 2017. The Chairman & CEO Parvez said that with the far sighted move of the state government, the Bank shall not only be able to successfully complete the consolidation and cleanup of the Balance Sheet but will also be able to focus on its future business growth plans.
Notably, the investor community has reposed a strong faith in the Banks Business Strategy during the current turbulent times which was well augmented by the Budget announcement of Rs 530 cr allocation from Govt of J&K for equity capital infusion into the Bank to maintain its majority shareholder character.
Recruitment process completed, not to issue waiting list: JK Bank Board
Jammu, Mar 20: The Board of Directors of J&K Bank in its meeting held today took on record the completion of the recruitment process of the Bank for Relationship Executives and Banking Associates as per the approved manpower planning of the Bank. The Board while observing that there will be no waiting list communicated the commitment of the Bank to continuously provide employment opportunities to the educated youth of the state by being the preferred employer and for this best HR practices will be followed.
The Board further asserted that the Bank will go for fresh recruitment in future for its business expansion plans which remained intact with unrelenting support from the State Government and other stakeholders despite challenging circumstances in the Banking Industry. The Board desired to make recruitment a regular feature in a time bound manner by assessing the vacancies scientifically in proportion to the Business Projections of the Bank to provide a career launch pad for deserving candidates of the state.

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