Srinagar, Jul 16: Jammu and Kashmir Bank Financial Services Limited (JKBFSL) – the wholly owned subsidiary of J&K Bank – celebrated a major milestone on Wednesday by crossing Rs 400 crore in Mutual Fund Assets under Management (AUM) at a special function held here at its corporate office.
The function was presided over by J&K Bank MD & CEO Amitava Chatterjee, who also chairs the JKBFSL Board, in the presence of the bank’s Executive Director Sudhir Gupta, General Manager (Cross Selling) Narjay Gupta, General Manager (Subsidiary Management) Syed Rais Maqbool and MD JKBFSL Syed Aadil Bashir Andrabi. The function was also attended by JKBFSL’s Company Secretary Mudassir Ahmad, Chief Financial Officer Ashiq Hussain Sheikh, Head of Technology Sakib Ali, Risk Head Zaffer Hamid, Territory Heads of J&K and other senior functionaries of both the Bank and JKBFSL.
While congratulating the subsidiary for the milestone, MD & CEO Amitava Chatterjee said, “I congratulate the entire team of JKBFSL for this milestone, which reflects the trust our customers have placed in Brand J&K Bank. I consider JKBFSL one of the most important arms of the Bank and a catalyst in its growth journey.”
“Brand JKB provides you a springboard to take JKBFSL to greater heights – and you will always have our full support and guidance”, he added.
Commending the company’s growth trajectory, Chatterjee added, “Although your numbers and performance reflect your commitment and hard work, we cannot rest on laurels only. The mutual fund space offers tremendous untapped potential, both within J&K, Ladakh and in rest of the country. Let’s work together to position JKBFSL as the go-to trading and investment platform.”
On the technology front, the MD & CEO expressed pleasure with the way JKBFSL’s digital infrastructure has evolved over the years. “You offer one of the best trading apps with a user-friendly interface. The time is ripe to deepen our presence in the trading ecosystem by delivering superior service and offering relevant, high-quality products to clients—anytime, anywhere,” he remarked.
Executive Director Sudhir Gupta lauded the team FSL, saying, “You truly deserve applause for the outstanding performance in FY 2024-25, which saw significant improvement across all key parameters. I am confident your growth story will only get stronger in the years ahead, with JKBFSL emerging as a shining star of the J&K Bank Brand.”
Sharing an overview of the subsidiary’s performance on the occasion, MD Syed Aadil Bashir said, “In less than fifteen months, our AUM has doubled, the overall trading volume has increased considerably while our cost-to-income ratio has trended downward, and we have expanded our suite of digital offerings through state-of-the-art interventions.”
Highlighting the customer trust along with guidance from the bank’s leadership as key enablers, he said, “The trust reposed in us by our customers and the guidance of our parent organisation and its leadership give us the confidence and motivation to redouble our efforts and aim even higher. We are committed to building on this momentum and expanding our offerings with the same dedication.”
The event concluded with a vote of thanks and a collective reiteration to contribute meaningfully to the growth story of the bank, along with its subsidiary.
